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

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $35.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 48.24% from the stock’s previous close.

CDTX has been the topic of several other reports. StockNews.com lowered shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Royal Bank of Canada assumed coverage on Cidara Therapeutics in a research report on Friday, December 13th. They set an “outperform” rating and a $34.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a report on Monday, November 11th. Finally, WBB Securities raised their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $34.20.

Cidara Therapeutics Trading Up 0.5 %

NASDAQ CDTX opened at $23.61 on Friday. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $28.42. The company has a fifty day simple moving average of $22.51 and a two-hundred day simple moving average of $17.33. The stock has a market cap of $166.38 million, a P/E ratio of -0.93 and a beta of 0.94.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts’ consensus estimates 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%. As a group, sell-side analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Institutional Trading of Cidara Therapeutics

Several institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at approximately $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics in the fourth quarter valued at approximately $165,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth approximately $339,000. Jane Street Group LLC purchased a new stake in shares of Cidara Therapeutics during the fourth quarter worth approximately $342,000. Finally, Boothbay Fund Management LLC acquired a new position in Cidara Therapeutics in the 4th quarter valued at $419,000. 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.