Cidara Therapeutics (NASDAQ:CDTX) Sets New 1-Year High - Here's Why

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $76.00 and last traded at $73.49, with a volume of 737650 shares. The stock had previously closed at $75.47.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC reissued a "buy" rating and set a $74.00 price objective (up previously from $54.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. HC Wainwright reissued a "buy" rating and set a $74.00 price objective (up previously from $53.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. Finally, WBB Securities reissued a "strong-buy" rating on shares of Cidara Therapeutics in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $75.29.

Cidara Therapeutics Trading Down 2.6%

The stock has a 50 day simple moving average of $63.82 and a 200 day simple moving average of $39.50. The firm has a market capitalization of $1.86 billion, a PE ratio of -6.60 and a beta of 1.29.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced 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. As a group, equities analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were acquired at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the purchase, the director directly owned 3,365,523 shares of the company's stock, valued at approximately $148,083,012. This trade represents a 207.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 31,418 shares in the company, valued at $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in shares of Cidara Therapeutics by 66.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock valued at $76,000 after buying an additional 623 shares during the period. Soleus Capital Management L.P. purchased a new position in shares of Cidara Therapeutics during the second quarter valued at approximately $22,544,000. BNP Paribas Financial Markets increased its stake in shares of Cidara Therapeutics by 10,594.1% during the second quarter. BNP Paribas Financial Markets now owns 1,818 shares of the biotechnology company's stock valued at $89,000 after buying an additional 1,801 shares during the period. Bain Capital Life Sciences Investors LLC increased its stake in shares of Cidara Therapeutics by 255.7% during 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 during the period. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Cidara Therapeutics during the second quarter valued at approximately $5,709,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.

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