Aberdeen Group plc Has $12.66 Million Stock Position in Cidara Therapeutics, Inc. $CDTX

Key Points

• Aberdeen Group plc increased its stake in Cidara Therapeutics by 115.0%, owning approximately $12.66 million worth of shares after purchasing an additional 139,037 shares in the 2nd quarter.
• Several institutional investors have also raised their positions significantly, with Goldman Sachs increasing its holdings by 203.8% and Adage Capital Partners boosting by 167.6% during the 1st quarter.
• Analysis from brokerages indicates an optimistic outlook for Cidara Therapeutics, with target prices ranging from $150.00 to $200.00 and an average rating of "Moderate Buy."

Aberdeen Group plc boosted its position in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 115.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 259,916 shares of the biotechnology company's stock after purchasing an additional 139,037 shares during the period. Aberdeen Group plc owned about 1.29% of Cidara Therapeutics worth $12,661,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new stake in shares of Cidara Therapeutics during the first quarter worth approximately $224,000. Goldman Sachs Group Inc. increased its holdings in Cidara Therapeutics by 203.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company's stock valued at $908,000 after purchasing an additional 28,273 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Cidara Therapeutics by 167.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock valued at $21,325,000 after purchasing an additional 620,046 shares in the last quarter. OMERS ADMINISTRATION Corp raised its position in Cidara Therapeutics by 53.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after purchasing an additional 6,700 shares during the last quarter. Finally, West Michigan Advisors LLC acquired a new position in Cidara Therapeutics in the first quarter worth $291,000. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Price Performance

Shares of NASDAQ:CDTX opened at $105.62 on Thursday. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -9.49 and a beta of 1.33. The company has a 50 day moving average of $76.41 and a 200-day moving average of $47.98. Cidara Therapeutics, Inc. has a one year low of $10.28 and a one year high of $121.21.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share for the quarter, beating the consensus estimate of ($1.87) by $0.22. Equities research analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Activity

In other news, insider Nicole Negar Davarpanah sold 474 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the transaction, the insider directly owned 31,418 shares in the company, valued at $1,974,935.48. This trade represents a 1.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CDTX. Guggenheim set a $167.00 target price on Cidara Therapeutics and gave the company a "buy" rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. started coverage on shares of Cidara Therapeutics in a research report on Friday, October 10th. They issued an "overweight" rating and a $200.00 price objective for the company. HC Wainwright upped their target price on shares of Cidara Therapeutics from $110.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, October 9th. JMP Securities set a $173.00 price target on shares of Cidara Therapeutics and gave the company a "market outperform" rating in a research note on Friday, October 3rd. Finally, WBB Securities boosted their price objective on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the stock a "strong-buy" rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $146.50.

Cidara Therapeutics 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.

Want to see what other hedge funds are holding CDTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.