Cidara Therapeutics, Inc. $CDTX Stake Reduced by BVF Inc. IL

Key Points

• BVF Inc. IL has reduced its holdings in Cidara Therapeutics by 15.4% during the first quarter, reducing their stake to 924,642 shares valued at approximately $19.92 million.
• Several institutional investors are also acquiring stakes in Cidara Therapeutics, contributing to a total institutional ownership of 35.82%.
• Analysts have a favorable outlook for Cidara Therapeutics, with multiple brokerages giving a "buy" or "outperform" rating and setting an average price target of $64.14.

BVF Inc. IL decreased its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 924,642 shares of the biotechnology company's stock after selling 168,154 shares during the quarter. Cidara Therapeutics accounts for about 0.8% of BVF Inc. IL's investment portfolio, making the stock its 23rd largest holding. BVF Inc. IL owned approximately 7.37% of Cidara Therapeutics worth $19,917,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cidara Therapeutics during the fourth quarter worth approximately $56,000. Point72 Asset Management L.P. acquired a new stake in shares of Cidara Therapeutics during the fourth quarter worth approximately $165,000. American Century Companies Inc. acquired a new stake in shares of Cidara Therapeutics during the first quarter worth approximately $224,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Cidara Therapeutics during the fourth quarter worth approximately $339,000. Finally, Jane Street Group LLC acquired a new stake in shares of Cidara Therapeutics during the fourth quarter worth approximately $342,000. Institutional investors and hedge funds own 35.82% of the company's stock.

Cidara Therapeutics Stock Performance

Shares of CDTX traded down $0.87 during midday trading on Monday, hitting $62.30. 248,035 shares of the stock traded hands, compared to its average volume of 377,265. Cidara Therapeutics, Inc. has a 1-year low of $10.14 and a 1-year high of $69.36. The firm has a market capitalization of $1.58 billion, a PE ratio of -5.58 and a beta of 1.29. The business's 50 day moving average price is $59.71 and its two-hundred day moving average price is $35.90.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings data 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. As a group, equities research analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Activity at Cidara Therapeutics

In related news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were acquired at an average price of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the purchase, the director directly owned 3,365,523 shares of the company's stock, valued at $148,083,012. The trade was a 207.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.64% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on CDTX shares. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. WBB Securities reaffirmed a "strong-buy" rating and issued a $45.00 price objective on shares of Cidara Therapeutics in a report on Monday, June 23rd. Guggenheim reissued a "buy" rating on shares of Cidara Therapeutics in a report on Friday, August 8th. Needham & Company LLC reissued a "buy" rating and issued a $74.00 target price (up previously from $54.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. Finally, JMP Securities raised their target price on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $64.14.

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.