West Michigan Advisors LLC Takes Position in Cidara Therapeutics, Inc. (NASDAQ:CDTX)

Key Points

• West Michigan Advisors LLC acquired 13,500 shares of Cidara Therapeutics, Inc. for approximately $291,000, marking a 0.11% ownership stake in the company.
• Analyst ratings are mostly positive, with a consensus price target of $57.29, where one analyst rates the stock as a "strong buy" and eight others have given "buy" ratings.
• The company recently reported earnings of ($1.66) EPS, significantly beating the consensus estimate and forecasting a projected -8.74 EPS for the fiscal year.

West Michigan Advisors LLC bought a new position in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,500 shares of the biotechnology company's stock, valued at approximately $291,000. West Michigan Advisors LLC owned about 0.11% of Cidara Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RA Capital Management L.P. grew its holdings in shares of Cidara Therapeutics by 55.4% during the 4th quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after purchasing an additional 389,716 shares during the period. BVF Inc. IL lifted its position in Cidara Therapeutics by 55.4% in the fourth quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company's stock valued at $29,374,000 after buying an additional 389,731 shares during the last quarter. TCG Crossover Management LLC purchased a new position in Cidara Therapeutics during the fourth quarter worth about $26,092,000. VR Adviser LLC purchased a new position in Cidara Therapeutics during the fourth quarter worth about $20,583,000. Finally, Vivo Capital LLC acquired a new stake in shares of Cidara Therapeutics during the fourth quarter valued at about $18,026,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CDTX shares. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. HC Wainwright upped their price target on Cidara Therapeutics from $53.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 24th. Needham & Company LLC boosted their price objective on Cidara Therapeutics from $54.00 to $74.00 and gave the company a "buy" rating in a report on Friday. Finally, Wall Street Zen upgraded Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cidara Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $64.14.

Insider Transactions at Cidara Therapeutics

In other news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of the stock in a transaction on Thursday, June 26th. The stock was bought at an average price of $44.00 per share, for a total transaction 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. The trade was a 207.97% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.89% of the stock is owned by corporate insiders.

Cidara Therapeutics Trading Up 0.4%

NASDAQ:CDTX traded up $0.27 during midday trading on Friday, reaching $62.00. The company had a trading volume of 424,781 shares, compared to its average volume of 551,665. Cidara Therapeutics, Inc. has a 12-month low of $10.14 and a 12-month high of $66.94. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -5.57 and a beta of 1.18. The stock's fifty day simple moving average is $45.78 and its 200-day simple moving average is $29.74.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings data 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. As a group, sell-side analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current year.

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.