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

Needham & Company LLC restated their buy rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a research report report published on Wednesday, Benzinga reports. Needham & Company LLC currently has a $25.00 price target on the biotechnology company’s stock.

A number of other brokerages have also issued reports on CDTX. WBB Securities restated a strong-buy rating and set a $40.00 target price on shares of Cidara Therapeutics in a research report on Thursday, April 25th. HC Wainwright upgraded Cidara Therapeutics from a neutral rating to a buy rating and set a $24.00 price target for the company in a research note on Wednesday. Finally, Cantor Fitzgerald restated an overweight rating on shares of Cidara Therapeutics in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $29.67.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX opened at $12.79 on Wednesday. The firm has a market cap of $58.35 million, a price-to-earnings ratio of -1.67 and a beta of 1.01. The stock’s fifty day moving average price is $12.21 and its two-hundred day moving average price is $13.45. Cidara Therapeutics has a one year low of $10.00 and a one year high of $24.40.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($2.28) EPS for the quarter, missing the consensus estimate of ($1.50) by ($0.78). Cidara Therapeutics had a negative net margin of 73.46% and a negative return on equity of 201.62%. The business had revenue of $8.46 million during the quarter, compared to analyst estimates of $14.50 million. On average, equities analysts anticipate that Cidara Therapeutics will post -13.07 earnings per share for the current fiscal year.

Insider Transactions at Cidara Therapeutics

In other news, CEO Jeffrey Stein acquired 8,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $13.21 per share, with a total value of $105,680.00. Following the completion of the purchase, the chief executive officer now directly owns 24,580 shares of the company’s stock, valued at approximately $324,701.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.64% of the stock is currently owned by insiders.

Institutional Trading of Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. lifted its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,000 shares of the biotechnology company’s stock after purchasing an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned 3.57% of Cidara Therapeutics worth $150,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 35.82% of the company’s stock.

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.