Cidara Therapeutics (NASDAQ:CDTX) Trading Down 5% - What's Next?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares fell 5% during mid-day trading on Monday . The stock traded as low as $47.00 and last traded at $46.99. 71,966 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 302,842 shares. The stock had previously closed at $49.45.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citizens Jmp began coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $46.00 target price on the stock. Guggenheim set a $68.00 price target on shares of Cidara Therapeutics and gave the company a "buy" rating in a research report on Tuesday, June 24th. Citigroup started coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating for the company. 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. Finally, HC Wainwright reissued a "buy" rating and set a $53.00 price objective (up from $41.00) on shares of Cidara Therapeutics in a research report on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $57.14.

Cidara Therapeutics Price Performance

The company's 50 day moving average is $26.14 and its 200 day moving average is $23.27. The stock has a market cap of $583.82 million, a price-to-earnings ratio of -1.62 and a beta of 1.13.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings data 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. Sell-side analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was acquired 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. This represents a 207.97% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 7.64% of the stock is currently owned by company insiders.

Institutional Trading of Cidara Therapeutics

Institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in Cidara Therapeutics by 158.4% during the 4th quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company's stock worth $967,000 after purchasing an additional 22,041 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Cidara Therapeutics in the fourth quarter worth $342,000. OMERS ADMINISTRATION Corp acquired a new stake in Cidara Therapeutics in the fourth quarter valued at $339,000. Vivo Capital LLC acquired a new stake in Cidara Therapeutics in the fourth quarter valued at $18,026,000. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Cidara Therapeutics by 154.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company's stock worth $1,332,000 after acquiring an additional 30,057 shares in the last quarter. Hedge funds and other 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.