Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Down - Should You Sell?

Key Points

• Cidara Therapeutics stock price declined from $61.73 to $57.79 at market open, with the last traded price at $60.31 and a volume of 47,290 shares.
• Analysts have varied opinions, with HC Wainwright and Needham & Company raising their price targets to $74.00, while others remain cautious with a "sell" rating from Wall Street Zen.
• Insiders, including Ra Capital Management, significantly increased their stake in Cidara by acquiring over 2.2 million shares, demonstrating strong confidence in the company's future.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $61.73, but opened at $57.79. Cidara Therapeutics shares last traded at $60.31, with a volume of 47,290 shares trading hands.

Analysts Set New Price Targets

CDTX has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $74.00 target price (up previously from $54.00) on shares of Cidara Therapeutics in a research note on Friday. WBB Securities reissued a "strong-buy" rating and issued a $45.00 target price on shares of Cidara Therapeutics in a research note on Monday, June 23rd. Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Finally, Guggenheim restated a "buy" rating on shares of Cidara Therapeutics in a report on Friday. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cidara Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.14.

Cidara Therapeutics Price Performance

The stock's fifty day moving average price is $46.56 and its 200 day moving average price is $30.15. The stock has a market capitalization of $1.57 billion, a P/E ratio of -5.55 and a beta of 1.18.

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

Insider Transactions at Cidara Therapeutics

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the company's stock in a transaction on Thursday, June 26th. The shares were bought at an average cost 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 in the company, valued at approximately $148,083,012. The trade was a 207.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. TCG Crossover Management LLC bought a new position in Cidara Therapeutics during the 4th quarter worth about $26,092,000. VR Adviser LLC bought a new position in Cidara Therapeutics during the 4th quarter worth about $20,583,000. Vivo Capital LLC bought a new position in Cidara Therapeutics during the 4th quarter worth about $18,026,000. Adage Capital Partners GP L.L.C. grew its holdings in Cidara Therapeutics by 167.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock worth $21,325,000 after acquiring an additional 620,046 shares in the last quarter. Finally, Vestal Point Capital LP bought a new position in Cidara Therapeutics during the 1st quarter worth about $10,868,000. 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.