Cidara Therapeutics (NASDAQ:CDTX) Sets New 12-Month High - Still a Buy?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $57.66 and last traded at $55.51, with a volume of 127688 shares traded. The stock had previously closed at $56.15.

Analyst Ratings Changes

Several research firms have recently commented on CDTX. Needham & Company LLC raised their target price on shares of Cidara Therapeutics from $36.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. JMP Securities reaffirmed a "market outperform" rating and issued a $59.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 30th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Finally, HC Wainwright reissued a "buy" rating and set a $53.00 price target (up from $41.00) on shares of Cidara Therapeutics in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.29.

Cidara Therapeutics Price Performance

The company has a market capitalization of $1.21 billion, a P/E ratio of -2.03 and a beta of 1.14. The firm's 50-day moving average is $34.15 and its 200-day moving average is $25.78.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating the consensus estimate of ($5.45) by $3.79. As a group, analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Transactions at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the business's stock in a transaction on Thursday, June 26th. The shares were acquired at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the transaction, the director directly owned 3,365,523 shares of the company's stock, valued at approximately $148,083,012. The trade was a 207.97% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Cidara Therapeutics in the fourth quarter worth about $56,000. Point72 Asset Management L.P. purchased a new stake in Cidara Therapeutics in the fourth quarter worth about $165,000. American Century Companies Inc. purchased a new stake in Cidara Therapeutics in the first quarter worth about $224,000. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics in the fourth quarter worth about $339,000. Finally, Jane Street Group LLC purchased a new stake in Cidara Therapeutics in the fourth quarter worth about $342,000. 35.82% of the stock is currently owned by 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.