Cidara Therapeutics (NASDAQ:CDTX) Hits New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on CDTX. Needham & Company LLC lowered shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, November 14th. JMP Securities set a $173.00 target price on Cidara Therapeutics and gave the stock a “market outperform” rating in a report on Friday, October 3rd. Guggenheim downgraded Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Royal Bank Of Canada cut Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a research report on Monday, November 17th. Finally, Wall Street Zen downgraded Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $156.11.

Cidara Therapeutics Stock Up 0.1%

The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of -18.77 and a beta of 1.52. The business has a 50-day moving average price of $187.60 and a 200-day moving average price of $110.93.

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

Insider Activity 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 completion of the transaction, the chief operating officer owned 25,033 shares of the company’s stock, valued at approximately $5,509,262.64. This trade represents a 28.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 7.64% of the company’s stock.

Institutional Trading of Cidara Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. American Century Companies Inc. purchased a new position in Cidara Therapeutics during the 1st quarter valued at about $224,000. Bain Capital Life Sciences Investors LLC lifted 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 buying an additional 1,797,600 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Cidara Therapeutics by 203.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company’s stock valued at $908,000 after buying an additional 28,273 shares during the period. Vivo Capital LLC grew 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 acquiring an additional 627,149 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Cidara Therapeutics during the 2nd quarter valued at $2,397,000. Institutional investors and hedge funds 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.