Aberdeen Group plc Makes New Investment in Cidara Therapeutics, Inc. $CDTX

Key Points

• Aberdeen Group plc acquired 120,879 shares of Cidara Therapeutics, valued at approximately $2.6 million, representing about 0.96% ownership in the company.
• Multiple institutional investors, including BVF Inc. and RA Capital Management, significantly increased their stakes in Cidara Therapeutics during the fourth quarter of last year.
• Brokerages have expressed positive outlooks for Cidara Therapeutics, with average price targets as high as $74.00 and a majority rating the stock as a "Buy."

Aberdeen Group plc purchased a new position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 120,879 shares of the biotechnology company's stock, valued at approximately $2,604,000. Aberdeen Group plc owned 0.96% of Cidara Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vivo Capital LLC boosted its stake in Cidara Therapeutics by 2.0% in the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company's stock worth $14,739,000 after purchasing an additional 13,676 shares during the period. West Michigan Advisors LLC bought a new position in Cidara Therapeutics in the 1st quarter worth approximately $291,000. VR Adviser LLC bought a new position in Cidara Therapeutics in the 4th quarter worth approximately $20,583,000. Stempoint Capital LP bought a new position in Cidara Therapeutics in the 4th quarter worth approximately $1,281,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Cidara Therapeutics in the 4th quarter worth approximately $56,000. 35.82% of the stock is currently owned by institutional investors.

Cidara Therapeutics Stock Down 2.3%

CDTX traded down $1.57 during trading on Wednesday, reaching $65.39. The company had a trading volume of 196,435 shares, compared to its average volume of 458,029. The stock has a market cap of $1.66 billion, a P/E ratio of -5.88 and a beta of 1.18. The business has a 50 day simple moving average of $56.30 and a 200-day simple moving average of $33.73. Cidara Therapeutics, Inc. has a 52 week low of $10.14 and a 52 week high of $69.36.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.87) by $0.22. As a group, equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. bought 2,272,727 shares of Cidara Therapeutics stock in a transaction on Thursday, June 26th. The shares were acquired at an average price 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 in the company, valued at approximately $148,083,012. This trade represents a 207.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $74.00 target price (up from $54.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. HC Wainwright reiterated a "buy" rating and set a $74.00 target price (up from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. 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. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. One research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $64.14.

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.