Cidara Therapeutics’ (CDTX) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $47.00 target price on the biotechnology company’s stock.

A number of other equities analysts also recently issued reports on CDTX. Citizens Jmp started coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Cidara Therapeutics in a research note on Friday, May 23rd. Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a research note on Saturday, May 10th. Citigroup initiated coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $41.86.

Cidara Therapeutics Trading Down 1.2%

Shares of NASDAQ:CDTX opened at $24.00 on Tuesday. The company has a market cap of $301.13 million, a price-to-earnings ratio of -0.94 and a beta of 0.86. The company has a 50-day moving average price of $20.77 and a 200-day moving average price of $21.25. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, beating the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. As a group, research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Shane Ward sold 1,664 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 $36,541.44. Following the sale, the chief operating officer now owns 14,674 shares in the company, valued at approximately $322,241.04. This trade represents a 10.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $38,935.08. Following the completion of the sale, the insider now owns 16,215 shares in the company, valued at $356,081.40. This represents a 9.86% decrease in their position. The disclosure for this sale can be found here. 3.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics during the 4th quarter worth $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics during the 4th quarter worth about $165,000. American Century Companies Inc. purchased a new position in shares of Cidara Therapeutics during the 1st quarter worth about $224,000. West Michigan Advisors LLC purchased a new position in shares of Cidara Therapeutics during the 1st quarter worth about $291,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Cidara Therapeutics during the 4th quarter worth about $339,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.