Checkpoint Capital L.P. Trims Stock Holdings in Cidara Therapeutics, Inc. $CDTX

Key Points

• Checkpoint Capital L.P. reduced its holdings in Cidara Therapeutics by 47%, now owning 104,380 shares, representing about 1.2% of its portfolio.
• Cidara Therapeutics reported an EPS of -$1.65 for the last quarter, surpassing expectations, while analysts project an EPS of -8.74 for the current fiscal year.
• Multiple analysts have rated Cidara Therapeutics as a buy, with price targets ranging from $45.00 to $74.00, reflecting positive market sentiment.

Checkpoint Capital L.P. decreased its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) by 47.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,380 shares of the biotechnology company's stock after selling 92,569 shares during the period. Cidara Therapeutics makes up about 1.2% of Checkpoint Capital L.P.'s portfolio, making the stock its 11th biggest holding. Checkpoint Capital L.P. owned about 0.83% of Cidara Therapeutics worth $2,248,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Cidara Therapeutics in the 4th quarter worth $56,000. Northern Trust Corp raised its stake in Cidara Therapeutics by 6.8% in the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock worth $913,000 after acquiring an additional 2,170 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at about $165,000. OMERS ADMINISTRATION Corp raised its stake in shares of Cidara Therapeutics by 53.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after buying an additional 6,700 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in shares of Cidara Therapeutics during the 1st quarter valued at about $224,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

Cidara Therapeutics Stock Performance

CDTX stock opened at $63.43 on Thursday. The firm has a market cap of $1.61 billion, a PE ratio of -5.70 and a beta of 1.29. The firm's 50 day moving average price is $59.10 and its 200-day moving average price is $35.17. Cidara Therapeutics, Inc. has a one year low of $10.14 and a one year high of $69.36.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CDTX shares. HC Wainwright reiterated a "buy" rating and set 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. Needham & Company LLC reiterated a "buy" rating and set a $74.00 price objective (up previously from $54.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. JMP Securities lifted their price objective on Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Finally, WBB Securities restated a "strong-buy" rating and set a $45.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 23rd. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $64.14.

Insider Activity at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. bought 2,272,727 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was purchased 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 owned 3,365,523 shares in the company, valued at approximately $148,083,012. This trade represents a 207.97% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.64% 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.

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