Needham & Company LLC Reaffirms “Buy” Rating for Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics (NASDAQ:CDTX)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $35.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 47.93% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. WBB Securities upped their target price on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, December 5th. Guggenheim assumed coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They issued a “buy” rating and a $33.00 target price for the company. Finally, Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They issued an “outperform” rating and a $34.00 target price for the company. One investment 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $34.20.

Cidara Therapeutics Stock Performance

Shares of Cidara Therapeutics stock opened at $23.66 on Friday. The firm has a market cap of $166.73 million, a PE ratio of -0.93 and a beta of 0.94. The firm’s 50-day simple moving average is $22.52 and its 200-day simple moving average is $17.48. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. On average, equities analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently bought and sold shares of CDTX. Point72 Asia Singapore Pte. Ltd. bought a new position in Cidara Therapeutics during the 4th quarter valued at about $56,000. Point72 Asset Management L.P. bought a new position in Cidara Therapeutics during the 4th quarter valued at about $165,000. OMERS ADMINISTRATION Corp bought a new position in Cidara Therapeutics during the 4th quarter valued at about $339,000. Jane Street Group LLC acquired a new stake in Cidara Therapeutics in the 4th quarter valued at about $342,000. Finally, Boothbay Fund Management LLC acquired a new stake in Cidara Therapeutics in the 4th quarter valued at about $419,000. 35.82% of the stock is owned by institutional investors.

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.