Cidara Therapeutics (NASDAQ:CDTX) Earns Market Outperform Rating from JMP Securities

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “market outperform” rating restated by analysts at JMP Securities in a research note issued on Monday,Benzinga reports. They currently have a $59.00 target price on the biotechnology company’s stock. JMP Securities’ target price suggests a potential upside of 20.33% from the company’s current price.

A number of other equities research analysts also recently commented on CDTX. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Citizens Jmp started coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 target price for the company. Citigroup started coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating for the company. Royal Bank Of Canada restated an “outperform” rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Finally, WBB Securities restated a “strong-buy” rating and issued a $45.00 target price on shares of Cidara Therapeutics in a report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.14.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX opened at $49.03 on Monday. The company has a market cap of $598.66 million, a PE ratio of -1.66 and a beta of 1.13. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $56.83. The company has a 50-day simple moving average of $26.14 and a 200-day simple moving average of $23.27.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, topping analysts’ consensus estimates of ($5.45) by $3.79. On average, analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

Insiders Place Their Bets

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of Cidara Therapeutics stock in a transaction on Thursday, June 26th. The shares were purchased at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the completion of the transaction, the director directly owned 3,365,523 shares in the company, valued at approximately $148,083,012. This represents a 207.97% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDTX. TCG Crossover Management LLC acquired a new position in Cidara Therapeutics during the fourth quarter valued at approximately $26,092,000. VR Adviser LLC acquired a new position in shares of Cidara Therapeutics during the fourth quarter worth $20,583,000. Vivo Capital LLC acquired a new position in shares of Cidara Therapeutics during the fourth quarter worth $18,026,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Cidara Therapeutics by 167.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock worth $21,325,000 after purchasing an additional 620,046 shares in the last quarter. Finally, Vestal Point Capital LP acquired a new position in shares of Cidara Therapeutics during the first quarter worth $10,868,000. 35.82% of the stock is owned by institutional investors and hedge funds.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on developing targeted therapies for patients facing cancers and other serious diseases. The company's product includes rezafungin acetate, a novel molecule in the echinocandin class of antifungals for the treatment and prevention of invasive fungal infections, including candidemia and invasive candidiasis, which are fungal infections associated with high mortality rates.