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

Needham & Company LLC reissued their buy rating on shares of Cidara Therapeutics (NASDAQ:CDTX) in a report published on Friday,Benzinga reports. The brokerage currently has a $35.00 price objective on the biotechnology company’s stock.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. WBB Securities lifted their price objective on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research note on Thursday, December 5th. Royal Bank of Canada assumed coverage on Cidara Therapeutics in a research note on Friday, December 13th. They issued an “outperform” rating and a $34.00 target price on the stock. StockNews.com lowered Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, Guggenheim started coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They set a “buy” rating and a $33.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Cidara Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $34.20.

Cidara Therapeutics Stock Performance

Shares of CDTX stock opened at $23.66 on Friday. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $28.42. The firm has a market cap of $166.73 million, a P/E ratio of -0.93 and a beta of 0.94. The business’s 50 day moving average price is $22.52 and its 200-day moving average price is $17.37.

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

Hedge Funds Weigh In On Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in CDTX. Geode Capital Management LLC raised its position in shares of Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after buying an additional 9,771 shares in the last quarter. RA Capital Management L.P. bought a new stake in Cidara Therapeutics during the third quarter worth approximately $7,558,000. Checkpoint Capital L.P. raised its position in Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after purchasing an additional 37,009 shares during the period. Stempoint Capital LP bought a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $1,281,000. Finally, Schonfeld Strategic Advisors LLC boosted its holdings in shares of Cidara Therapeutics by 154.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock worth $1,332,000 after purchasing an additional 30,057 shares during the period. 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.