Adage Capital Partners GP L.L.C. Buys 327,199 Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX)

Adage Capital Partners GP L.L.C. increased its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 765.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 369,954 shares of the biotechnology company's stock after purchasing an additional 327,199 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 5.25% of Cidara Therapeutics worth $9,944,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CDTX. Geode Capital Management LLC lifted its holdings in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company's stock worth $569,000 after buying an additional 9,771 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Cidara Therapeutics during the fourth quarter worth $670,000. Finally, Vivo Capital LLC acquired a new position in shares of Cidara Therapeutics during the fourth quarter valued at $18,026,000. Institutional investors and hedge funds own 35.82% of the company's stock.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX traded down $0.06 during midday trading on Friday, reaching $21.69. 132,650 shares of the stock were exchanged, compared to its average volume of 71,905. Cidara Therapeutics, Inc. has a 12 month low of $10.14 and a 12 month 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. The business has a 50-day simple moving average of $20.95 and a two-hundred day simple moving average of $20.07.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share 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%. Equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDTX has been the subject of a number of research reports. JMP Securities reiterated a "market outperform" rating and issued a $46.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price target for the company. HC Wainwright increased their price objective on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a "buy" rating in a report on Monday, March 10th. Cantor Fitzgerald raised shares of Cidara Therapeutics to a "strong-buy" rating in a report on Wednesday, February 5th. Finally, StockNews.com raised Cidara Therapeutics to a "sell" rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cidara Therapeutics currently has an average rating of "Buy" and a consensus price target of $39.14.

Insider Activity at Cidara Therapeutics

In related news, insider Leslie Tari sold 1,773 shares of the stock in a transaction dated 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 approximately $356,081.40. This trade represents a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Shane Ward sold 1,664 shares of the business's stock in a transaction that occurred 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 position. The disclosure for this sale can be found here. 7.64% of the stock is owned by insiders.

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.