Cidara Therapeutics (NASDAQ:CDTX) Sets New 12-Month High - Should You Buy?

Key Points

• Cidara Therapeutics shares reached a new 52-week high of $97.75, indicating strong market performance with a trading volume of over 1.9 million shares.
• Analysts have a positive outlook for the company, with ratings ranging from "buy" to "strong buy" and a consensus target price of approximately $119.43.
• Recent institutional activity shows significant investment in Cidara, with firms like Bain Capital increasing their stake by over 255% in the last quarter.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $97.75 and last traded at $95.26, with a volume of 1917909 shares. The stock had previously closed at $90.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CDTX. Guggenheim set a $167.00 price objective on Cidara Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, September 24th. HC Wainwright raised their price objective on Cidara Therapeutics from $74.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday. JMP Securities set a $153.00 price objective on Cidara Therapeutics in a research report on Wednesday, September 24th. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $119.43.

Cidara Therapeutics Stock Up 5.3%

The stock has a 50 day simple moving average of $66.49 and a 200 day simple moving average of $41.51. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -8.56 and a beta of 1.29.

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

Insider Buying and Selling

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the firm's 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 sale, the insider 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 legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 7.64% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its holdings in shares of Cidara Therapeutics by 66.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock valued at $76,000 after purchasing an additional 623 shares in the last quarter. Soleus Capital Management L.P. bought a new position in shares of Cidara Therapeutics in the second quarter valued at approximately $22,544,000. BNP Paribas Financial Markets lifted its holdings in shares of Cidara Therapeutics by 10,594.1% in the second quarter. BNP Paribas Financial Markets now owns 1,818 shares of the biotechnology company's stock valued at $89,000 after purchasing an additional 1,801 shares in the last quarter. Bain Capital Life Sciences Investors LLC lifted its holdings 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 valued at $121,808,000 after purchasing an additional 1,797,600 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Cidara Therapeutics in the second quarter valued at approximately $5,709,000. 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.

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