Vestal Point Capital LP Invests $10.87 Million in Cidara Therapeutics, Inc. $CDTX

Key Points

• Vestal Point Capital LP acquired 504,542 shares of Cidara Therapeutics, valued at approximately $10.87 million, increasing its ownership to 4.02% of the company as of the last quarter.
• Brokerages have issued positive ratings for Cidara Therapeutics, with several raising price targets; Needham & Company now targets $74.00 per share, up from $54.00.
• The company reported earnings of ($1.65) per share, exceeding analysts' expectations, and has an average target price of $64.14 amid a general consensus rating of "Buy."

Vestal Point Capital LP purchased a new position in Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 504,542 shares of the biotechnology company's stock, valued at approximately $10,868,000. Vestal Point Capital LP owned 4.02% of Cidara Therapeutics at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at $56,000. Point72 Asset Management L.P. bought a new position in Cidara Therapeutics in the 4th quarter worth about $165,000. American Century Companies Inc. purchased a new stake in shares of Cidara Therapeutics in the 1st quarter valued at about $224,000. West Michigan Advisors LLC bought a new stake in shares of Cidara Therapeutics during the 1st quarter valued at about $291,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Cidara Therapeutics during the fourth quarter worth about $339,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the stock in a transaction dated Thursday, June 26th. The shares were purchased 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 $148,083,012. This represents a 207.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.89% of the stock is owned by company insiders.

Cidara Therapeutics Stock Down 2.7%

Shares of NASDAQ:CDTX traded down $1.76 during midday trading on Friday, hitting $63.17. 424,596 shares of the stock traded hands, compared to its average volume of 419,868. The business's 50 day moving average is $59.71 and its two-hundred day moving average is $35.73. The stock has a market capitalization of $1.60 billion, a PE ratio of -5.68 and a beta of 1.29. 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 issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.87) by $0.22. As a group, sell-side analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CDTX shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. HC Wainwright reaffirmed a "buy" rating and set a $74.00 price target (up previously from $53.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. Guggenheim reiterated a "buy" rating on shares of Cidara Therapeutics in a research report on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Finally, 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 research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $64.14.

About Cidara Therapeutics

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.