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

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

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vivo Capital LLC bought a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $18,026,000. Geode Capital Management LLC lifted its position in shares of Cidara Therapeutics by 22.7% in the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company's stock worth $569,000 after purchasing an additional 9,771 shares during the period. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $670,000. Institutional investors and hedge funds own 35.82% of the company's stock.

Analyst Ratings Changes

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

Cidara Therapeutics Price Performance

Shares of NASDAQ:CDTX traded up $0.86 during midday trading on Thursday, hitting $21.75. 138,646 shares of the company's stock were exchanged, compared to its average volume of 71,708. The company has a market cap of $238.23 million, a PE ratio of -0.85 and a beta of 0.89. Cidara Therapeutics, Inc. has a 12 month low of $10.14 and a 12 month high of $28.42. The stock has a 50 day moving average price of $20.92 and a 200-day moving average price of $19.85.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts' consensus estimates 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%. On average, analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Activity

In other news, insider Leslie Tari sold 1,773 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now owns 16,215 shares in the company, valued at $356,081.40. The trade was a 9.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Shane Ward sold 1,664 shares of the 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 sale, the chief operating officer now directly owns 14,674 shares of the company's stock, 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. 7.64% of the stock is currently owned by corporate 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.