Cidara Therapeutics (NASDAQ:CDTX) Reaches New 1-Year High - Time to Buy?

Key Points

• Cidara Therapeutics shares have reached a new 12-month high, trading at $69.64, up from a previous close of $64.85, indicating a strong performance in the market.
• Several equity analysts have maintained positive ratings on Cidara's stock, with target prices ranging from $45.00 to $74.00, reflecting growing confidence in the company's potential.
• The company recently reported an EPS of ($1.65), exceeding the consensus estimate of ($1.87) by $0.22, suggesting better-than-expected financial performance in its latest quarter.

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $69.64 and last traded at $69.04, with a volume of 271975 shares changing hands. The stock had previously closed at $64.85.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and set a $74.00 target price (up from $54.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. HC Wainwright reissued a "buy" rating and set a $74.00 price target (up previously from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. JMP Securities boosted their target price on Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to MarketBeat, Cidara Therapeutics presently has a consensus rating of "Buy" and a consensus target price of $64.14.

Cidara Therapeutics Stock Down 3.5%

The business's fifty day moving average is $62.97 and its two-hundred day moving average is $38.90. The stock has a market capitalization of $1.74 billion, a PE ratio of -6.17 and a beta of 1.29.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, topping analysts' consensus estimates of ($1.87) by $0.22. Sell-side analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Activity

In related news, insider Nicole Negar Davarpanah sold 474 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the transaction, the insider directly owned 31,418 shares of the company's stock, valued at $1,974,935.48. This represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the stock in a transaction on Thursday, June 26th. The shares were purchased at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the transaction, the director owned 3,365,523 shares in the company, valued at $148,083,012. This trade represents a 207.97% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.89% of the company's stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors have recently bought and sold shares of CDTX. Bain Capital Life Sciences Investors LLC increased its holdings in 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 valued at $121,808,000 after buying an additional 1,797,600 shares in the last quarter. Commodore Capital LP acquired a new stake in shares of Cidara Therapeutics during the second quarter worth about $57,234,000. Vivo Capital LLC increased its holdings in Cidara Therapeutics by 91.7% during the 2nd 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 period. Adage Capital Partners GP L.L.C. grew its stake in shares of Cidara Therapeutics by 167.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock worth $21,325,000 after purchasing an additional 620,046 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new position in shares of Cidara Therapeutics during the first quarter worth about $10,868,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.