Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Consensus Rating of “Moderate Buy” from Analysts

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has been given a consensus rating of “Moderate Buy” by the ten brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $122.2857.

Several equities analysts recently issued reports on the company. HC Wainwright boosted their price objective on Cidara Therapeutics from $74.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Needham & Company LLC boosted their price objective on shares of Cidara Therapeutics from $74.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. JMP Securities set a $173.00 target price on Cidara Therapeutics and gave the stock a “market outperform” rating in a report on Friday. Finally, WBB Securities reissued a “strong-buy” rating and issued a $123.00 price target on shares of Cidara Therapeutics in a research note on Monday, September 22nd.

Insiders Place Their Bets

In other news, insider Nicole Negar Davarpanah sold 474 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total transaction of $29,795.64. Following the completion of the transaction, the insider directly owned 31,418 shares of the company’s stock, valued at $1,974,935.48. This trade represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bain Capital Life Sciences Investors LLC grew its holdings in shares of Cidara Therapeutics by 255.7% in the 2nd quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company’s stock valued at $121,808,000 after acquiring an additional 1,797,600 shares in the last quarter. Commodore Capital LP acquired a new position in shares of Cidara Therapeutics during the 2nd quarter worth approximately $57,234,000. Vivo Capital LLC raised its stake in shares of Cidara Therapeutics by 91.7% during the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock worth $63,880,000 after purchasing an additional 627,149 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Cidara Therapeutics by 167.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock valued at $21,325,000 after buying an additional 620,046 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new position in Cidara Therapeutics during the first quarter worth $10,868,000. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Stock Up 3.5%

Shares of CDTX stock opened at $101.99 on Monday. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $106.63. The firm has a fifty day moving average of $69.32 and a 200-day moving average of $43.33. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -9.16 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX) last posted its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share for the quarter, topping the consensus estimate of ($1.87) by $0.22. Research analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current year.

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.