Traders Buy High Volume of Put Options on Cidara Therapeutics (NASDAQ:CDTX)

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) saw unusually large options trading on Monday. Traders acquired 2,912 put options on the company. This represents an increase of approximately 354% compared to the average daily volume of 642 put options.

Analyst Upgrades and Downgrades

CDTX has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a report on Tuesday, June 10th. Citigroup initiated coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $35.00 price objective (up previously from $31.00) on shares of Cidara Therapeutics in a research note on Friday, May 23rd. HC Wainwright raised shares of Cidara Therapeutics to a "buy" rating and set a $41.00 price target for the company in a report on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Cidara Therapeutics to a "sell" rating in a report on Saturday, May 10th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cidara Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.86.

Cidara Therapeutics Trading Up 92.1%

Shares of Cidara Therapeutics stock traded up $19.37 during trading hours on Monday, reaching $40.39. 3,690,687 shares of the company's stock were exchanged, compared to its average volume of 105,143. The stock has a market cap of $506.83 million, a P/E ratio of -1.37 and a beta of 0.79. Cidara Therapeutics has a fifty-two week low of $10.14 and a fifty-two week high of $46.84. The company has a 50 day moving average of $22.20 and a two-hundred day moving average of $22.02.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping analysts' consensus estimates of ($5.45) by $3.79. As a group, analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cidara Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CDTX. BVF Inc. IL boosted its holdings in Cidara Therapeutics by 55.4% during the 4th quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company's stock valued at $29,374,000 after acquiring an additional 389,731 shares during the period. RA Capital Management L.P. lifted its holdings in shares of Cidara Therapeutics by 55.4% during the fourth quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock valued at $29,374,000 after purchasing an additional 389,716 shares during the last quarter. TCG Crossover Management LLC purchased a new stake in Cidara Therapeutics in the fourth quarter worth approximately $26,092,000. Adage Capital Partners GP L.L.C. lifted its holdings in Cidara Therapeutics by 167.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company's stock valued at $21,325,000 after acquiring an additional 620,046 shares during the period. Finally, VR Adviser LLC bought a new position in shares of Cidara Therapeutics in the fourth quarter worth about $20,583,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

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.

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