Cidara Therapeutics (CDTX) Receives a Buy from Needham

In a report released today, Joseph Stringer from Needham maintained a Buy rating on Cidara Therapeutics (CDTXResearch Report), with a price target of $6.00. The company’s shares closed last Tuesday at $2.14.

According to TipRanks.com, Stringer has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -17.2% and a 27.6% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, Lexicon Pharmaceuticals, and Phathom Pharmaceuticals.

Currently, the analyst consensus on Cidara Therapeutics is a Strong Buy with an average price target of $5.75, representing a 176.4% upside. In a report released today, WBB Securities also maintained a Buy rating on the stock with a $6.25 price target.

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Based on Cidara Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $32.86 million and net profit of $10.71 million. In comparison, last year the company earned revenue of $3.39 million and had a GAAP net loss of $18.31 million.

Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDTX in relation to earlier this year.

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Cidara Therapeutics, Inc. is a biotechnology company, which engages in the discovery, development, and commercialization of novel anti-infectives. Its product pipeline includes Rezafungin and Cloudbreak. The company was founded by Kevin M. Forrest, Kevin J. Judice, and H. Shaw Warren in December 2012 and is headquartered in San Diego, CA.