Cidara Therapeutics (NASDAQ:CDTX) Stock Price Up 5.9% - Should You Buy?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares were up 5.9% during trading on Monday . The stock traded as high as $52.91 and last traded at $53.55. Approximately 109,004 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 196,996 shares. The stock had previously closed at $50.54.

Analyst Upgrades and Downgrades

Several analysts recently commented on CDTX shares. HC Wainwright restated a "buy" rating and issued a $53.00 target price (up from $41.00) on shares of Cidara Therapeutics in a research report on Monday, June 23rd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Wall Street Zen upgraded Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Finally, Guggenheim set a $69.00 price target on Cidara Therapeutics in a research 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $57.29.

Cidara Therapeutics Stock Up 7.4%

The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -1.91 and a beta of 1.14. The business has a 50-day moving average of $32.58 and a 200-day moving average of $25.34.

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, beating analysts' consensus estimates of ($5.45) by $3.79. Equities analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the business'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 completion of 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its stake in shares of Cidara Therapeutics by 158.4% in the fourth 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 period. Jane Street Group LLC bought a new position in shares of Cidara Therapeutics in the fourth quarter worth about $342,000. OMERS ADMINISTRATION Corp bought a new position in shares of Cidara Therapeutics in the fourth quarter worth about $339,000. Vivo Capital LLC bought a new position in shares of Cidara Therapeutics in the fourth quarter worth about $18,026,000. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of Cidara Therapeutics by 154.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company's stock worth $1,332,000 after purchasing an additional 30,057 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.