Cidara Therapeutics (NASDAQ:CDTX) Sees Strong Trading Volume – Here’s What Happened

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw unusually-high trading volume on Thursday . Approximately 235,849 shares were traded during trading, an increase of 63% from the previous session’s volume of 144,914 shares.The stock last traded at $48.79 and had previously closed at $49.33.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CDTX shares. Guggenheim set a $68.00 price target on Cidara Therapeutics and gave the stock a “buy” rating in a research report on Tuesday. WBB Securities reiterated a “strong-buy” rating and set a $45.00 price objective on shares of Cidara Therapeutics in a research note on Monday, June 23rd. Citigroup initiated coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating for the company. Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price target for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $47.00 price objective on shares of Cidara Therapeutics in a research note on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cidara Therapeutics has an average rating of “Moderate Buy” and an average price target of $55.43.

Cidara Therapeutics Stock Up 3.0%

The stock has a market cap of $620.60 million, a price-to-earnings ratio of -1.68 and a beta of 0.79. The company has a 50 day simple moving average of $25.04 and a 200 day simple moving average of $22.89.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.45) by $3.79. As a group, analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cidara Therapeutics during the 4th quarter valued at $56,000. Point72 Asset Management L.P. bought a new position in Cidara Therapeutics in the fourth quarter valued at about $165,000. American Century Companies Inc. bought a new position in Cidara Therapeutics in the first quarter valued at about $224,000. West Michigan Advisors LLC acquired a new stake in shares of Cidara Therapeutics during the first quarter valued at about $291,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Cidara Therapeutics during the fourth quarter worth about $339,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.