Cidara Therapeutics, Inc. $CDTX Shares Sold by ADAR1 Capital Management LLC

Key Points

• ADAR1 Capital Management LLC has reduced its holdings in Cidara Therapeutics by 16.0%, now owning 20,938 shares valued at approximately $451,000.
• Several institutional investors increased their stakes in Cidara Therapeutics in the fourth quarter, with Northern Trust Corp and Schonfeld Strategic Advisors LLC showing notable increases of 6.8% and 154.1% respectively.
• Cidara Therapeutics recently reported earnings of ($1.65) per share, surpassing analyst estimates, and currently holds a consensus rating of "Buy" with an average price target of $64.14.

ADAR1 Capital Management LLC cut its holdings in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 16.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,938 shares of the biotechnology company's stock after selling 4,000 shares during the quarter. ADAR1 Capital Management LLC owned 0.17% of Cidara Therapeutics worth $451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CDTX. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at about $165,000. American Century Companies Inc. purchased a new stake in Cidara Therapeutics in the 1st quarter worth approximately $224,000. OMERS ADMINISTRATION Corp acquired a new stake in Cidara Therapeutics during the fourth quarter valued at $339,000. Finally, Jane Street Group LLC purchased a new position in Cidara Therapeutics in the fourth quarter valued at $342,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CDTX shares. Guggenheim restated a "buy" rating on shares of Cidara Therapeutics in a research note on Friday, August 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $74.00 target price (up from $54.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. WBB Securities reissued a "strong-buy" rating and issued a $45.00 price target on shares of Cidara Therapeutics in a research note on Monday, June 23rd. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Finally, HC Wainwright reissued a "buy" rating and set a $74.00 target price (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 issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $64.14.

Insiders Place Their Bets

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the firm's stock in a transaction on 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 acquisition, the director directly owned 3,365,523 shares of the company's stock, valued at approximately $148,083,012. This represents a 207.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.89% of the stock is currently owned by corporate insiders.

Cidara Therapeutics Price Performance

Shares of CDTX stock traded down $1.76 during trading hours on Friday, reaching $63.17. 424,596 shares of the stock were exchanged, compared to its average volume of 419,868. The business's fifty day moving average is $59.71 and its two-hundred day moving average is $35.81. The firm has a market capitalization of $1.60 billion, a P/E ratio of -5.68 and a beta of 1.29. Cidara Therapeutics, Inc. has a 12-month low of $10.14 and a 12-month high of $69.36.

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

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.