American Century Companies Inc. Acquires Shares of 10,409 Cidara Therapeutics, Inc. $CDTX

Key Points

• American Century Companies Inc. acquired a total of 10,409 shares of Cidara Therapeutics, Inc. worth approximately $224,000, constituting 0.08% of the company's stock as per their recent SEC filing.
• Significant insider activity included Director Ra Capital Management purchasing 2,272,727 shares for about $100 million, increasing their ownership in the company to over 3.3 million shares.
• Research firms have a favorable outlook on Cidara Therapeutics, with multiple upgrades and a consensus price target of $64.14, reflecting strong confidence in the stock's future performance.

American Century Companies Inc. acquired a new stake in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,409 shares of the biotechnology company's stock, valued at approximately $224,000. American Century Companies Inc. owned 0.08% of Cidara Therapeutics at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Millennium Management LLC lifted its holdings in Cidara Therapeutics by 158.4% in the fourth quarter. Millennium Management LLC now owns 35,960 shares of the biotechnology company's stock valued at $967,000 after buying an additional 22,041 shares during the period. Jane Street Group LLC acquired a new stake in Cidara Therapeutics in the fourth quarter worth $342,000. OMERS ADMINISTRATION Corp acquired a new stake in Cidara Therapeutics in the fourth quarter worth $339,000. Northern Trust Corp raised its holdings in Cidara Therapeutics by 6.8% in the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock worth $913,000 after purchasing an additional 2,170 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in Cidara Therapeutics in the fourth quarter worth $165,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $74.00 price objective (up previously from $54.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. JMP Securities increased their price target on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. HC Wainwright reiterated a "buy" rating and issued a $74.00 price objective (up previously from $53.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Finally, Guggenheim reiterated a "buy" rating on shares of Cidara Therapeutics in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $64.14.

Cidara Therapeutics Stock Performance

Shares of Cidara Therapeutics stock traded up $0.75 during midday trading on Friday, hitting $65.62. 378,631 shares of the company traded hands, compared to its average volume of 449,491. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -5.90 and a beta of 1.29. The firm's fifty day moving average price is $61.27 and its 200-day moving average price is $37.17. 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 announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.87) by $0.22. Equities research analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the business's 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 completion of the acquisition, the director owned 3,365,523 shares in the company, valued at $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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.89% of the company's stock.

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.