Cidara Therapeutics (NASDAQ:CDTX) Hits New 12-Month High Following Analyst Upgrade

Key Points

• Cidara Therapeutics shares reached a new 12-month high at $108.29 after receiving an analyst upgrade from HC Wainwright, which raised its price target from $110.00 to $150.00.
• The stock currently has a consensus rating of Moderate Buy with a range of price targets from different analysts, including $173.00 from JMP Securities and $137.00 from Royal Bank of Canada.
• Recent insider trading showed a sale of 474 shares by insider Nicole Negar Davarpanah, representing a 1.49% decrease in her ownership of the company's stock.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $110.00 to $150.00. HC Wainwright currently has a buy rating on the stock. Cidara Therapeutics traded as high as $108.29 and last traded at $108.24, with a volume of 449143 shares trading hands. The stock had previously closed at $98.51.

Other analysts have also issued reports about the company. Citigroup reissued an "outperform" rating on shares of Cidara Therapeutics in a report on Wednesday, September 24th. Royal Bank Of Canada set a $137.00 price objective on Cidara Therapeutics and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cidara Therapeutics in a research report on Wednesday. WBB Securities restated a "strong-buy" rating and set a $123.00 price objective on shares of Cidara Therapeutics in a research report on Monday, September 22nd. Finally, JMP Securities set a $173.00 target price on Cidara Therapeutics and gave the stock a "market outperform" rating in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $128.00.

Insider Buying and Selling

In other news, insider Nicole Negar Davarpanah sold 474 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $62.86, for a total transaction of $29,795.64. Following the transaction, the insider directly owned 31,418 shares of the company's stock, valued at approximately $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Bain Capital Life Sciences Investors LLC grew its stake in shares of Cidara Therapeutics by 255.7% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company's stock worth $121,808,000 after purchasing an additional 1,797,600 shares during the last quarter. Vivo Capital LLC grew its stake in shares of Cidara Therapeutics by 91.7% in the second quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company's stock worth $63,880,000 after purchasing an additional 627,149 shares during the last quarter. Commodore Capital LP bought a new stake in shares of Cidara Therapeutics in the second quarter worth about $57,234,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Cidara Therapeutics by 11.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,100,000 shares of the biotechnology company's stock worth $53,581,000 after purchasing an additional 110,000 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Cidara Therapeutics in the first quarter worth about $10,868,000. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Stock Up 9.5%

The company's fifty day simple moving average is $71.54 and its 200 day simple moving average is $44.91. The firm has a market capitalization of $2.74 billion, a PE ratio of -9.73 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping the consensus estimate of ($1.87) by $0.22. Equities research analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current 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.

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