Brokerages Set Cidara Therapeutics, Inc. (NASDAQ:CDTX) Target Price at $119.43

Cidara Therapeutics, Inc. (NASDAQ:CDTX) has earned an average rating of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat reports. 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 on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $122.2857.

A number of brokerages have commented on CDTX. Royal Bank Of Canada set a $137.00 target price on Cidara Therapeutics and gave the company an “outperform” rating in a report on Wednesday, September 24th. HC Wainwright increased their target price on Cidara Therapeutics from $74.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 26th. Needham & Company LLC increased their target price on Cidara Therapeutics from $74.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Saturday, September 27th. Finally, JMP Securities set a $173.00 target price on Cidara Therapeutics and gave the company a “market outperform” rating in a report on Friday.

Insider Activity

In other news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the completion of the sale, the insider directly owned 31,418 shares in the company, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

A number of large investors have recently made changes to their positions in the stock. American Century Companies Inc. purchased a new position in Cidara Therapeutics in the first quarter worth approximately $224,000. Millennium Management LLC grew its position in Cidara Therapeutics by 158.4% in the fourth quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company’s stock worth $967,000 after acquiring an additional 22,041 shares during the period. Goldman Sachs Group Inc. grew its position in Cidara Therapeutics by 203.8% in the first quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company’s stock worth $908,000 after acquiring an additional 28,273 shares during the period. Jane Street Group LLC purchased a new position in shares of Cidara Therapeutics during the fourth quarter worth $342,000. Finally, Adage Capital Partners GP L.L.C. boosted 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 buying an additional 620,046 shares during the period. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Cidara Therapeutics Price Performance

Shares of CDTX stock opened at $101.99 on Monday. The stock’s fifty day moving average price is $69.32 and its 200 day moving average price is $43.62. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -9.16 and a beta of 1.33. Cidara Therapeutics has a 1-year low of $10.14 and a 1-year high of $106.63.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping analysts’ consensus estimates of ($1.87) by $0.22. As a group, equities research analysts anticipate 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.