KLP Kapitalforvaltning AS Acquires Shares of 2,500 Cidara Therapeutics, Inc. $CDTX

KLP Kapitalforvaltning AS bought a new position in Cidara Therapeutics, Inc. (NASDAQ:CDTX) in the third quarter, HoldingsChannel.com reports. The fund bought 2,500 shares of the biotechnology company’s stock, valued at approximately $239,000.

Several other hedge funds have also modified their holdings of the stock. Bain Capital Life Sciences Investors LLC raised its position in Cidara Therapeutics by 255.7% in the 2nd 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 last quarter. Commodore Capital LP bought a new position in Cidara Therapeutics in the 2nd quarter valued at $57,234,000. Vivo Capital LLC increased its stake in shares of Cidara Therapeutics by 91.7% in 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 during the period. Soleus Capital Management L.P. acquired a new stake in shares of Cidara Therapeutics in the 2nd quarter valued at $22,544,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Cidara Therapeutics during the second quarter worth $21,920,000. 35.82% of the stock is owned by institutional investors.

Insider Activity at Cidara Therapeutics

In related news, COO Shane Ward sold 9,959 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer owned 25,033 shares in the company, valued at $5,509,262.64. This represents a 28.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.89% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the company a “market outperform” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. lowered shares of Cidara Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Monday, November 17th. WBB Securities lifted their price target on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 9th. Guggenheim lowered shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, Morgan Stanley lowered shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $156.11.

Cidara Therapeutics Price Performance

Shares of NASDAQ:CDTX opened at $221.38 on Friday. The firm’s 50 day simple moving average is $208.90 and its 200 day simple moving average is $121.27. Cidara Therapeutics, Inc. has a fifty-two week low of $15.22 and a fifty-two week high of $221.42. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of -18.79 and a beta of 1.52.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) EPS for the quarter, missing the consensus estimate of ($1.19) by ($0.24). Equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

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.