Cidara Therapeutics (NASDAQ:CDTX) Sees Strong Trading Volume - Here's Why

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 321,713 shares were traded during trading, an increase of 71% from the previous session's volume of 188,649 shares.The stock last traded at $49.58 and had previously closed at $50.45.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CDTX shares. HC Wainwright reiterated a "buy" rating and set a $53.00 price target (up previously from $41.00) on shares of Cidara Therapeutics in a report on Monday, June 23rd. Wall Street Zen upgraded Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. JMP Securities restated a "market outperform" rating and issued a $59.00 price objective on shares of Cidara Therapeutics in a research note on Monday, June 30th. Royal Bank Of Canada restated an "outperform" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 24th. Finally, Guggenheim set a $69.00 price target on Cidara Therapeutics in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cidara Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $57.29.

Cidara Therapeutics Trading Down 0.7%

The company has a market cap of $1.02 billion, a PE ratio of -1.71 and a beta of 1.14. The stock has a 50 day moving average price of $30.60 and a 200 day moving average price of $24.74.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($5.45) by $3.79. Equities analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Transactions at Cidara Therapeutics

In related news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the stock in a transaction on Thursday, June 26th. The stock was acquired at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the purchase, the director owned 3,365,523 shares of the company's stock, valued at $148,083,012. This represents a 207.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.89% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics in the fourth quarter worth $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics in the fourth quarter worth $165,000. American Century Companies Inc. purchased a new position in shares of Cidara Therapeutics in the first quarter worth $224,000. West Michigan Advisors LLC purchased a new position in shares of Cidara Therapeutics in the first quarter worth $291,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Cidara Therapeutics in the fourth quarter worth $339,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

Cidara Therapeutics Company 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.