Needham & Company LLC Boosts Cidara Therapeutics (NASDAQ:CDTX) Price Target to $100.00

Cidara Therapeutics (NASDAQ:CDTX) had its target price hoisted by Needham & Company LLC from $74.00 to $100.00 in a report published on Wednesday, MarketBeat.com reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Other analysts have also recently issued reports about the stock. Guggenheim reissued a “buy” rating on shares of Cidara Therapeutics in a report on Friday, August 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Royal Bank Of Canada reissued an “outperform” rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. WBB Securities reissued a “strong-buy” rating and set a $123.00 target price on shares of Cidara Therapeutics in a report on Monday. Finally, JMP Securities increased their target price on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the stock a “market outperform” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to data from MarketBeat.com, Cidara Therapeutics has a consensus rating of “Buy” and a consensus target price of $119.43.

Cidara Therapeutics Price Performance

CDTX opened at $90.50 on Wednesday. The stock has a market capitalization of $2.30 billion, a PE ratio of -8.13 and a beta of 1.29. The firm’s fifty day moving average price is $65.73 and its 200 day moving average price is $40.74. Cidara Therapeutics has a 12-month low of $10.14 and a 12-month high of $90.85.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.87) by $0.22. On average, equities research analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Activity at Cidara Therapeutics

In other news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction dated 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 owned 31,418 shares in the company, valued at approximately $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.89% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors have recently modified their holdings of CDTX. Amalgamated Bank bought a new position in Cidara Therapeutics in the 2nd quarter valued at about $28,000. Trifecta Capital Advisors LLC bought a new position in Cidara Therapeutics in the 2nd quarter valued at about $49,000. California State Teachers Retirement System bought a new position in Cidara Therapeutics in the 2nd quarter valued at about $51,000. Legal & General Group Plc bought a new position in Cidara Therapeutics in the 2nd quarter valued at about $73,000. Finally, Tower Research Capital LLC TRC grew its position in Cidara Therapeutics by 66.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 623 shares in the last quarter. Institutional investors own 35.82% of the company’s stock.

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.