BVF Inc. IL Boosts Position in Cidara Therapeutics, Inc. (NASDAQ:CDTX)

BVF Inc. IL grew its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 55.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,092,796 shares of the biotechnology company's stock after purchasing an additional 389,731 shares during the quarter. Cidara Therapeutics makes up about 1.0% of BVF Inc. IL's investment portfolio, making the stock its 23rd largest holding. BVF Inc. IL owned approximately 15.50% of Cidara Therapeutics worth $29,374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jane Street Group LLC purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at $342,000. Boothbay Fund Management LLC purchased a new position in shares of Cidara Therapeutics in the fourth quarter valued at about $419,000. Geode Capital Management LLC boosted 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 worth $569,000 after acquiring an additional 9,771 shares during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Cidara Therapeutics during the fourth quarter worth about $670,000. Finally, Northern Trust Corp raised its stake in Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after purchasing an additional 2,170 shares during the period. 35.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDTX. Citigroup assumed coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating for the company. StockNews.com upgraded shares of Cidara Therapeutics to a "sell" rating in a report on Wednesday, April 16th. 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. Citizens Jmp assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 target price on the stock. Finally, Cantor Fitzgerald upgraded Cidara Therapeutics to a "strong-buy" rating in a research report on Wednesday, February 5th. One 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 data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $39.14.

Cidara Therapeutics Stock Down 3.6 %

NASDAQ CDTX traded down $0.70 during trading hours on Wednesday, hitting $18.99. 50,232 shares of the company were exchanged, compared to its average volume of 71,584. Cidara Therapeutics, Inc. has a 52 week low of $10.14 and a 52 week high of $28.42. The stock has a 50-day moving average price of $20.73 and a 200 day moving average price of $20.19. The stock has a market cap of $238.22 million, a PE ratio of -0.74 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released 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 net margin of 289.05% and a negative return on equity of 69.64%. As a group, sell-side analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

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

Cidara Therapeutics Profile

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.