Cidara Therapeutics, Inc. (NASDAQ:CDTX) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) have earned a consensus rating of “Buy” from the eight research firms that are covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $39.14.

Several research analysts recently weighed in on CDTX shares. 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 price target on the stock. HC Wainwright upped their target price on Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a report on Monday, March 10th. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. WBB Securities upped their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Citizens Jmp started coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 target price for the company.

Insider Activity at Cidara Therapeutics

In related news, insider Leslie Tari sold 1,773 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now directly owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. This trade represents a 9.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Shane Ward sold 1,664 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. This trade represents a 10.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Cidara Therapeutics by 22.7% in the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares during the last quarter. RA Capital Management L.P. bought a new stake in Cidara Therapeutics during the 3rd quarter valued at approximately $7,558,000. Checkpoint Capital L.P. grew its holdings in Cidara Therapeutics by 25.5% in the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after buying an additional 37,009 shares during the last quarter. Stempoint Capital LP bought a new position in Cidara Therapeutics in the 4th quarter worth approximately $1,281,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock worth $1,332,000 after buying an additional 30,057 shares during the last quarter. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Price Performance

Shares of CDTX opened at $22.75 on Thursday. The company has a 50-day moving average of $21.86 and a two-hundred day moving average of $18.01. The stock has a market cap of $249.18 million, a price-to-earnings ratio of -0.89 and a beta of 0.88. Cidara Therapeutics has a one year low of $10.00 and a one year high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. 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.