Cidara Therapeutics (NASDAQ:CDTX) Trading 5.9% Higher - Still a Buy?

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CDTX. Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. 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. Royal Bank Of Canada restated an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Guggenheim set a $69.00 price target on Cidara Therapeutics in a report on Wednesday, July 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.29.

Cidara Therapeutics Stock Up 8.9%

The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -1.86 and a beta of 1.14. The business's 50-day moving average is $30.60 and its 200-day moving average is $24.75.

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. As a group, analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS 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 firm's stock in a transaction on Thursday, June 26th. The stock was acquired at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the transaction, the director owned 3,365,523 shares in the company, valued at approximately $148,083,012. The trade was a 207.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.64% of the company's stock.

Institutional Trading of Cidara Therapeutics

Large investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cidara Therapeutics during the 4th quarter valued at about $56,000. Point72 Asset Management L.P. purchased a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $165,000. American Century Companies Inc. purchased a new stake in shares of Cidara Therapeutics in the 1st quarter valued at approximately $224,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $339,000. Finally, Jane Street Group LLC purchased a new stake in shares of Cidara Therapeutics in the 4th quarter valued at approximately $342,000. Hedge funds and other institutional investors 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.

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