Cidara Therapeutics (NASDAQ:CDTX) Insider Sells $29,795.64 in Stock

Key Points

• Insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics at an average price of $62.86, totaling approximately $29,795.64, reducing her ownership by 1.49%.
• The company reported a quarterly earnings loss of ($1.65) per share, outperforming analysts' expectations of ($1.87).
• Research analysts maintain a positive outlook on Cidara Therapeutics, with a consensus rating of "Buy" and a target price averaging $64.14.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $62.86, for a total transaction of $29,795.64. Following the sale, the insider owned 31,418 shares in the company, valued at approximately $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Cidara Therapeutics Stock Performance

NASDAQ CDTX traded down $2.51 during trading on Friday, reaching $68.71. 1,833,112 shares of the company traded hands, compared to its average volume of 512,252. Cidara Therapeutics, Inc. has a 1-year low of $10.14 and a 1-year high of $74.52. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -6.17 and a beta of 1.29. The stock's 50 day moving average price is $62.97 and its two-hundred day moving average price is $38.68.

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

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. Tower Research Capital LLC TRC raised its position in shares of Cidara Therapeutics by 66.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock valued at $76,000 after acquiring an additional 623 shares during the period. Soleus Capital Management L.P. bought a new stake in Cidara Therapeutics in the second quarter valued at approximately $22,544,000. BNP Paribas Financial Markets increased its stake in Cidara Therapeutics by 10,594.1% in the second quarter. BNP Paribas Financial Markets now owns 1,818 shares of the biotechnology company's stock valued at $89,000 after purchasing an additional 1,801 shares in the last quarter. Bain Capital Life Sciences Investors LLC raised its holdings in Cidara Therapeutics by 255.7% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company's stock worth $121,808,000 after purchasing an additional 1,797,600 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in shares of Cidara Therapeutics during the second quarter worth $5,709,000. Institutional investors own 35.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CDTX shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. JMP Securities upped their target price on shares of Cidara Therapeutics from $59.00 to $66.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Guggenheim restated a "buy" rating on shares of Cidara Therapeutics in a research report on Friday, August 8th. Finally, HC Wainwright reiterated a "buy" rating and issued a $74.00 price objective (up from $53.00) on shares of Cidara Therapeutics in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to data from MarketBeat, the stock 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.