Analysts Set Cidara Therapeutics Inc (NASDAQ:CDTX) Target Price at $6.88

Shares of Cidara Therapeutics Inc (NASDAQ:CDTX) have received an average rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $6.88.

A number of equities research analysts recently issued reports on CDTX shares. Needham & Company LLC set a $10.00 price target on Cidara Therapeutics and gave the stock a “buy” rating in a research note on Monday, August 12th. WBB Securities raised Cidara Therapeutics from a “speculative buy” rating to a “buy” rating and set a $6.25 price target for the company in a research note on Wednesday, December 4th. Wedbush raised Cidara Therapeutics from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $2.00 to $4.00 in a research note on Tuesday, September 3rd. Zacks Investment Research lowered Cidara Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Finally, BTIG Research reissued a “buy” rating and set a $7.00 price target on shares of Cidara Therapeutics in a research note on Wednesday, September 4th.

Shares of CDTX stock traded down $0.01 on Friday, reaching $2.70. 5,201 shares of the company’s stock were exchanged, compared to its average volume of 197,153. Cidara Therapeutics has a 52 week low of $1.22 and a 52 week high of $3.44. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $87.23 million, a PE ratio of -1.16 and a beta of 2.14. The company’s fifty day simple moving average is $2.27 and its 200 day simple moving average is $1.84.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported $0.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.34. The business had revenue of $19.10 million for the quarter, compared to the consensus estimate of $30.00 million. As a group, sell-side analysts predict that Cidara Therapeutics will post -1.52 earnings per share for the current fiscal year.

In other news, CEO Jeffrey Stein bought 52,500 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was acquired at an average cost of $1.91 per share, with a total value of $100,275.00. Following the transaction, the chief executive officer now directly owns 282,320 shares in the company, valued at approximately $539,231.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James E. Levine bought 30,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were purchased at an average cost of $1.91 per share, with a total value of $57,300.00. Following the completion of the transaction, the chief financial officer now owns 205,000 shares in the company, valued at $391,550. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 11,580 shares of company stock valued at $22,479. 15.28% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CDTX. Renaissance Technologies LLC raised its position in Cidara Therapeutics by 53.9% during the 2nd quarter. Renaissance Technologies LLC now owns 610,742 shares of the biotechnology company’s stock valued at $1,026,000 after purchasing an additional 214,010 shares in the last quarter. West Family Investments Inc. raised its position in Cidara Therapeutics by 41.6% during the 2nd quarter. West Family Investments Inc. now owns 300,000 shares of the biotechnology company’s stock valued at $504,000 after purchasing an additional 88,128 shares in the last quarter. Finally, Granahan Investment Management Inc. MA raised its position in Cidara Therapeutics by 6.1% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 464,164 shares of the biotechnology company’s stock valued at $926,000 after purchasing an additional 26,849 shares in the last quarter. 43.79% of the stock is owned by institutional investors and hedge funds.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of anti-infectives for the treatment of diseases. Its lead product candidate is rezafungin acetate, a molecule in the echinocandin class of antifungals for the treatment and prevention of serious invasive fungal infections, including candidemia and invasive candidiasis, fungal infections associated with high mortality rates.

Recommended Story: What is the Federal Reserve?

Analyst Recommendations for Cidara Therapeutics (NASDAQ:CDTX)

Receive News & Ratings for Cidara Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cidara Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.