Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Down - Here's Why

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $48.30, but opened at $46.01. Cidara Therapeutics shares last traded at $47.28, with a volume of 69,717 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently commented on CDTX shares. JMP Securities reiterated a "market outperform" rating and issued a $59.00 target price on shares of Cidara Therapeutics in a research note on Monday, June 30th. HC Wainwright reaffirmed a "buy" rating and set a $53.00 price objective (up previously from $41.00) on shares of Cidara Therapeutics in a research note on Monday, June 23rd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. Finally, Guggenheim set a $69.00 price target on shares of Cidara Therapeutics in a report on Wednesday. One 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.com, Cidara Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $57.29.

Cidara Therapeutics Stock Down 0.7%

The company's fifty day moving average is $30.60 and its 200 day moving average is $24.73. The stock has a market cap of $1.02 billion, a PE ratio of -1.71 and a beta of 1.14.

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

Insider Activity

In other news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of Cidara Therapeutics stock in a transaction that occurred on Thursday, June 26th. The shares were purchased at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the purchase, the director directly owned 3,365,523 shares of the company's stock, valued at $148,083,012. This trade represents a 207.97% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.89% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its position in shares of Cidara Therapeutics by 203.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company's stock valued at $908,000 after buying an additional 28,273 shares during the last quarter. Jane Street Group LLC boosted its stake in Cidara Therapeutics by 119.0% in the first quarter. Jane Street Group LLC now owns 27,849 shares of the biotechnology company's stock valued at $600,000 after acquiring an additional 15,135 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in shares of Cidara Therapeutics by 167.6% during the first 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 purchasing an additional 620,046 shares during the last quarter. Vestal Point Capital LP bought a new position in shares of Cidara Therapeutics during the first quarter valued at approximately $10,868,000. Finally, OMERS ADMINISTRATION Corp raised its position in shares of Cidara Therapeutics by 53.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock worth $416,000 after purchasing an additional 6,700 shares during the period. 35.82% of the stock is currently owned by institutional investors.

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.