Cidara Therapeutics (NASDAQ:CDTX) Receives "Buy" Rating from Needham & Company LLC

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $35.00 target price on the biotechnology company's stock. Needham & Company LLC's price objective points to a potential upside of 80.04% from the stock's current price.

Several other research analysts also recently weighed in on CDTX. Citizens Jmp initiated coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 price target for the company. Citigroup started coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating for the company. Royal Bank of Canada began coverage on Cidara Therapeutics in a research report on Friday, December 13th. They set an "outperform" rating and a $34.00 target price for the company. JMP Securities set a $46.00 price objective on Cidara Therapeutics in a research note on Wednesday, March 12th. Finally, HC Wainwright increased their price target on Cidara Therapeutics from $24.00 to $35.00 and gave the company a "buy" rating in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Cidara Therapeutics currently has an average rating of "Buy" and an average target price of $39.14.

Cidara Therapeutics Price Performance

Cidara Therapeutics stock traded up $0.70 during trading hours on Thursday, reaching $19.44. The stock had a trading volume of 50,635 shares, compared to its average volume of 74,348. The company has a fifty day simple moving average of $21.40 and a 200-day simple moving average of $19.13. The stock has a market cap of $212.93 million, a PE ratio of -0.76 and a beta of 0.89. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings data on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share for the quarter, missing analysts' consensus estimates of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. Research analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Cidara Therapeutics

In other news, insider Leslie Tari sold 1,773 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the transaction, the insider now owns 16,215 shares of the company's stock, valued at approximately $356,081.40. This trade represents a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Shane Ward sold 1,664 shares of Cidara Therapeutics stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the transaction, the chief operating officer now owns 14,674 shares of the company's stock, valued at $322,241.04. The trade was a 10.18 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cidara Therapeutics during the fourth quarter worth about $56,000. Northern Trust Corp grew its position in shares of Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after buying an additional 2,170 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Cidara Therapeutics in the 4th quarter worth about $165,000. Geode Capital Management LLC increased its stake in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company's stock valued at $569,000 after buying an additional 9,771 shares during the period. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Cidara Therapeutics in the 4th quarter worth $339,000. 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.