TCG Crossover Management LLC Takes $26.09 Million Position in Cidara Therapeutics, Inc. (NASDAQ:CDTX)

TCG Crossover Management LLC acquired a new position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,005,901 shares of the biotechnology company's stock, valued at approximately $26,092,000. Cidara Therapeutics makes up 2.5% of TCG Crossover Management LLC's portfolio, making the stock its 18th biggest holding. TCG Crossover Management LLC owned about 14.27% of Cidara Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of CDTX. Geode Capital Management LLC lifted its stake in shares of Cidara Therapeutics by 22.7% in the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company's stock valued at $569,000 after purchasing an additional 9,771 shares during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth approximately $670,000. Vivo Capital LLC purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth approximately $18,026,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Cidara Therapeutics by 765.3% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company's stock worth $9,944,000 after acquiring an additional 327,199 shares during the period. Finally, Boothbay Fund Management LLC purchased a new position in Cidara Therapeutics in the 4th quarter valued at approximately $419,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

Insider Transactions at Cidara Therapeutics

In related news, insider Leslie Tari sold 1,773 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $38,935.08. Following the completion of the transaction, the insider now directly owns 16,215 shares in the company, valued at $356,081.40. This represents a 9.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Shane Ward sold 1,664 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the sale, the chief operating officer now owns 14,674 shares in the company, valued at $322,241.04. The trade was a 10.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.64% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CDTX. JMP Securities reissued a "market outperform" rating and issued a $46.00 target price on shares of Cidara Therapeutics in a report on Tuesday, April 29th. Citigroup assumed coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating for the company. Citizens Jmp began coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 price target on the stock. StockNews.com raised shares of Cidara Therapeutics to a "sell" rating in a research note on Wednesday, April 16th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $35.00 target price on shares of Cidara Therapeutics in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $39.14.

Cidara Therapeutics Price Performance

NASDAQ:CDTX traded down $0.06 during mid-day trading on Friday, reaching $21.69. The stock had a trading volume of 132,650 shares, compared to its average volume of 71,905. The stock's 50 day simple moving average is $20.95 and its two-hundred day simple moving average is $20.07. Cidara Therapeutics, Inc. has a 1-year low of $10.14 and a 1-year high of $28.42. The company has a market capitalization of $272.14 million, a price-to-earnings ratio of -0.85 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. Sell-side analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

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.