Adage Capital Partners GP L.L.C. Has $21.33 Million Holdings in Cidara Therapeutics, Inc. $CDTX

Key Points

• Adage Capital Partners significantly increased its stake in Cidara Therapeutics, acquiring 620,046 shares to own approximately 7.89% of the company, valued at $21.3 million.
• Director Ra Capital Management, L.P. purchased 2.27 million shares at an average price of $44.00, increasing their ownership by nearly 208%.
• Research from HC Wainwright and others upgraded Cidara Therapeutics with a new price target of $74.00 as the company has garnered positive ratings, indicating bullish sentiment among analysts.

Adage Capital Partners GP L.L.C. grew its holdings in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 167.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 990,000 shares of the biotechnology company's stock after purchasing an additional 620,046 shares during the period. Adage Capital Partners GP L.L.C. owned about 7.89% of Cidara Therapeutics worth $21,325,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. VR Adviser LLC acquired a new position in Cidara Therapeutics in the fourth quarter valued at approximately $20,583,000. Vivo Capital LLC lifted 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 valued at $14,739,000 after buying an additional 13,676 shares in the last quarter. Vestal Point Capital LP purchased a new stake in shares of Cidara Therapeutics during the first quarter worth about $10,868,000. Aberdeen Group plc purchased a new stake in shares of Cidara Therapeutics during the first quarter worth about $2,604,000. Finally, Stempoint Capital LP acquired a new position in shares of Cidara Therapeutics in the 4th quarter valued at $1,281,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Cidara Therapeutics Trading Up 2.4%

CDTX stock traded up $1.49 during trading hours on Wednesday, hitting $64.45. 351,472 shares of the stock traded hands, compared to its average volume of 381,774. The stock has a 50-day simple moving average of $60.26 and a 200 day simple moving average of $36.37. Cidara Therapeutics, Inc. has a one year low of $10.14 and a one year high of $69.36. The company has a market cap of $1.63 billion, a P/E ratio of -5.79 and a beta of 1.29.

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

Insider Buying and Selling at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was bought at an average cost of $44.00 per share, with a total value of $99,999,988.00. Following the purchase, the director directly owned 3,365,523 shares of the company's stock, valued at approximately $148,083,012. This trade represents a 207.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CDTX shares. WBB Securities reissued a "strong-buy" rating and set a $45.00 price target on shares of Cidara Therapeutics in a research report on Monday, June 23rd. HC Wainwright reaffirmed a "buy" rating and issued a $74.00 target price (up from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. JMP Securities upped their target price on Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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.