Aberdeen Group plc Makes New $2.60 Million 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 bought a new position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 120,879 shares of the biotechnology company's stock, valued at approximately $2,604,000. Aberdeen Group plc owned approximately 0.96% of Cidara Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Cidara Therapeutics in the 4th quarter worth approximately $56,000. Point72 Asset Management L.P. purchased a new stake in Cidara Therapeutics in the 4th quarter worth approximately $165,000. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics in the 4th quarter worth approximately $339,000. Jane Street Group LLC purchased a new stake in Cidara Therapeutics in the 4th quarter worth approximately $342,000. Finally, West Michigan Advisors LLC purchased a new stake in Cidara Therapeutics in the 1st quarter worth approximately $291,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

Cidara Therapeutics Price Performance

NASDAQ:CDTX traded down $1.12 during midday trading on Friday, reaching $66.37. The stock had a trading volume of 558,355 shares, compared to its average volume of 435,850. Cidara Therapeutics, Inc. has a 1-year low of $10.14 and a 1-year high of $69.36. The firm's fifty day simple moving average is $53.69 and its 200-day simple moving average is $32.98. The stock has a market capitalization of $1.68 billion, a P/E ratio of -5.96 and a beta of 1.18.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CDTX. Royal Bank Of Canada restated an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. Wall Street Zen upgraded shares of Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. Guggenheim restated a "buy" rating on shares of Cidara Therapeutics in a report on Friday, August 8th. WBB Securities restated a "strong-buy" rating and set a $45.00 price target on shares of Cidara Therapeutics in a report on Monday, June 23rd. Finally, HC Wainwright restated a "buy" rating and set a $74.00 price target (up previously from $53.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. Based on data from MarketBeat.com, Cidara Therapeutics has a consensus rating of "Buy" and an average target price of $64.14.

Insider Transactions at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were acquired at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the purchase, the director owned 3,365,523 shares of the company's stock, valued at $148,083,012. This represents a 207.97% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.64% 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.