StockNews.com Upgrades Cidara Therapeutics (NASDAQ:CDTX) to “Buy”

Cidara Therapeutics (NASDAQ:CDTX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

A number of other research analysts also recently commented on CDTX. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 target price on shares of Cidara Therapeutics in a research note on Tuesday, August 1st. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Cidara Therapeutics in a research note on Monday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $3.00 target price on shares of Cidara Therapeutics in a research note on Friday, August 4th. Finally, TheStreet downgraded Cidara Therapeutics from a “c” rating to a “d+” rating in a research note on Friday, August 4th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $4.67.

Cidara Therapeutics Stock Performance

Shares of CDTX stock traded up $0.01 on Monday, reaching $0.79. 141,300 shares of the company’s stock traded hands, compared to its average volume of 1,890,298. Cidara Therapeutics has a 12-month low of $0.46 and a 12-month high of $2.10. The company has a market capitalization of $71.30 million, a P/E ratio of -6.08 and a beta of 1.27. The business’s 50 day moving average price is $0.99 and its two-hundred day moving average price is $1.20.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). Cidara Therapeutics had a negative net margin of 9.72% and a negative return on equity of 67.95%. The firm had revenue of $7.61 million during the quarter, compared to analysts’ expectations of $14.34 million. Research analysts predict that Cidara Therapeutics will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Jeffrey Stein purchased 50,000 shares of Cidara Therapeutics stock in a transaction on Tuesday, August 8th. The stock was bought at an average price of $0.96 per share, with a total value of $48,000.00. Following the completion of the transaction, the chief executive officer now directly owns 331,602 shares of the company’s stock, valued at $318,337.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.28% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

Several large investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Cidara Therapeutics by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 592,724 shares of the biotechnology company’s stock worth $448,000 after purchasing an additional 7,743 shares during the last quarter. Osaic Holdings Inc. lifted its position in shares of Cidara Therapeutics by 33.4% during the 2nd quarter. Osaic Holdings Inc. now owns 51,875 shares of the biotechnology company’s stock worth $59,000 after purchasing an additional 12,975 shares during the last quarter. Northern Trust Corp lifted its position in shares of Cidara Therapeutics by 14.3% during the 2nd quarter. Northern Trust Corp now owns 127,965 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 16,024 shares during the last quarter. State Street Corp lifted its position in shares of Cidara Therapeutics by 14.1% during the 1st quarter. State Street Corp now owns 176,237 shares of the biotechnology company’s stock worth $147,000 after purchasing an additional 21,837 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in shares of Cidara Therapeutics during the 2nd quarter worth about $26,000. Institutional investors and hedge funds own 29.09% of the company’s stock.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.