Cidara Therapeutics (NASDAQ:CDTX) Stock Price Down 7.6% - Time to Sell?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares dropped 7.6% during trading on Tuesday . The company traded as low as $51.25 and last traded at $51.14. Approximately 485,613 shares changed hands during trading, an increase of 139% from the average daily volume of 202,953 shares. The stock had previously closed at $55.32.

Analysts Set New Price Targets

CDTX has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Needham & Company LLC upped their price target on shares of Cidara Therapeutics from $36.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. HC Wainwright reaffirmed a "buy" rating and set a $53.00 price target (up previously from $41.00) on shares of Cidara Therapeutics in a research report on Monday, June 23rd. JMP Securities reaffirmed a "market outperform" rating and set a $59.00 price target on shares of Cidara Therapeutics in a research report on Monday, June 30th. Finally, Guggenheim set a $69.00 price objective on shares of Cidara Therapeutics in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cidara Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $57.29.

Cidara Therapeutics Price Performance

The firm's fifty day moving average price is $32.58 and its two-hundred day moving average price is $25.34. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -1.77 and a beta of 1.14.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping analysts' consensus estimates of ($5.45) by $3.79. On average, equities research analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were bought at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the acquisition, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cidara Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CDTX. TCG Crossover Management LLC acquired a new stake in shares of Cidara Therapeutics in the 4th quarter worth about $26,092,000. VR Adviser LLC purchased a new stake in Cidara Therapeutics in the 4th quarter valued at about $20,583,000. Vivo Capital LLC purchased a new stake in Cidara Therapeutics in the 4th quarter valued at about $18,026,000. Adage Capital Partners GP L.L.C. increased its stake in Cidara Therapeutics by 167.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock valued at $21,325,000 after buying an additional 620,046 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Cidara Therapeutics in the 1st quarter valued at about $10,868,000. Institutional investors and hedge funds own 35.82% of the company's stock.

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.