Cidara Therapeutics (NASDAQ:CDTX) Upgraded to Buy by HC Wainwright

HC Wainwright upgraded shares of Cidara Therapeutics (NASDAQ:CDTX) from a neutral rating to a buy rating in a report released on Wednesday morning, Marketbeat reports. HC Wainwright currently has $24.00 price objective on the biotechnology company’s stock. HC Wainwright also issued estimates for Cidara Therapeutics’ Q3 2024 earnings at ($5.22) EPS, Q4 2024 earnings at ($5.51) EPS, FY2024 earnings at ($12.06) EPS, Q1 2025 earnings at ($4.66) EPS, Q2 2025 earnings at ($4.08) EPS, Q3 2025 earnings at ($3.26) EPS, Q4 2025 earnings at ($1.72) EPS, FY2025 earnings at ($12.36) EPS, FY2026 earnings at ($15.58) EPS, FY2027 earnings at ($16.30) EPS and FY2028 earnings at ($7.47) EPS.

A number of other research firms have also recently issued reports on CDTX. WBB Securities restated a strong-buy rating and set a $40.00 price objective on shares of Cidara Therapeutics in a report on Thursday, April 25th. Cantor Fitzgerald reissued an overweight rating on shares of Cidara Therapeutics in a research note on Thursday, June 20th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $25.00 price target on shares of Cidara Therapeutics in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cidara Therapeutics presently has a consensus rating of Moderate Buy and a consensus target price of $29.67.

Cidara Therapeutics Trading Up 1.2 %

Shares of NASDAQ:CDTX opened at $12.79 on Wednesday. The company has a market cap of $58.35 million, a price-to-earnings ratio of -1.67 and a beta of 1.01. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $24.40. The company has a 50-day moving average price of $12.21 and a 200 day moving average price of $13.45.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($2.28) EPS for the quarter, missing the consensus estimate of ($1.50) by ($0.78). The firm had revenue of $8.46 million for the quarter, compared to analysts’ expectations of $14.50 million. Cidara Therapeutics had a negative return on equity of 201.62% and a negative net margin of 73.46%. As a group, equities analysts forecast that Cidara Therapeutics will post -13.07 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jeffrey Stein acquired 8,000 shares of Cidara Therapeutics stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $13.21 per share, for a total transaction of $105,680.00. Following the purchase, the chief executive officer now owns 24,580 shares of the company’s stock, valued at approximately $324,701.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 7.64% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cidara Therapeutics stock. Tocqueville Asset Management L.P. increased its holdings in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 163,000 shares of the biotechnology company’s stock after acquiring an additional 68,000 shares during the period. Tocqueville Asset Management L.P. owned approximately 3.57% of Cidara Therapeutics worth $150,000 as of its most recent SEC filing. 35.82% of the stock is owned by institutional investors and hedge funds.

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.