Cidara Therapeutics (NASDAQ:CDTX) Sets New 1-Year High – Time to Buy?

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $221.25 and last traded at $221.18, with a volume of 165184 shares traded. The stock had previously closed at $221.03.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Royal Bank Of Canada downgraded Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a research note on Monday, November 17th. JMP Securities set a $173.00 target price on shares of Cidara Therapeutics and gave the stock a “market outperform” rating in a research report on Friday, October 3rd. Citigroup reiterated a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. Morgan Stanley cut shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a research note on Monday, November 17th. Finally, HC Wainwright lowered shares of Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $156.11.

Cidara Therapeutics Stock Performance

The stock has a market capitalization of $6.96 billion, a PE ratio of -18.79 and a beta of 1.52. The business’s 50-day moving average price is $192.35 and its 200 day moving average price is $113.75.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.19) by ($0.24). As a group, equities research analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Buying and Selling at Cidara Therapeutics

In related news, COO Shane Ward sold 9,959 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $220.08, for a total value of $2,191,776.72. Following the sale, the chief operating officer directly owned 25,033 shares of the company’s stock, valued at $5,509,262.64. This trade represents a 28.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 7.64% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors have recently made changes to their positions in CDTX. Bain Capital Life Sciences Investors LLC increased its stake 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 valued at $121,808,000 after acquiring an additional 1,797,600 shares during the last quarter. Commodore Capital LP purchased a new position in shares of Cidara Therapeutics in the 2nd quarter worth about $57,234,000. Paradigm Biocapital Advisors LP bought a new position in shares of Cidara Therapeutics during the 3rd quarter valued at about $92,041,000. Vivo Capital LLC raised its holdings in shares of Cidara Therapeutics by 91.7% during the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock valued at $63,880,000 after buying an additional 627,149 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Cidara Therapeutics during the 3rd quarter valued at about $48,156,000. Institutional investors own 35.82% of the company’s stock.

About Cidara Therapeutics

Cidara Therapeutics, Inc is a clinical‐stage biotechnology company focused on the discovery and development of long‐acting anti‐infectives and immunotherapies to address life‐threatening fungal, viral and bacterial infections. The company’s core technology platforms, including its proprietary CD‐MONT and Cloudbreak platforms, are designed to create novel therapeutic candidates with extended half‐lives and differentiated mechanisms of action. By leveraging its expertise in macromolecular conjugates and immunotherapeutic design, Cidara seeks to offer new treatment options that can reduce dosing frequency and improve patient outcomes in critical care settings.

The company’s lead asset, rezafungin, is a once‐weekly intravenous echinocandin antifungal in late‐stage development for the prevention and treatment of invasive candidiasis and other serious fungal infections.