ADAR1 Capital Management LLC Reduces Stock Holdings in Cidara Therapeutics, Inc. $CDTX

ADAR1 Capital Management LLC reduced its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 16.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 20,938 shares of the biotechnology company’s stock after selling 4,000 shares during the period. ADAR1 Capital Management LLC’s holdings in Cidara Therapeutics were worth $451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CDTX. VR Adviser LLC purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at $20,583,000. Vivo Capital LLC raised its stake in Cidara Therapeutics by 2.0% in the 1st quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company’s stock valued at $14,739,000 after acquiring an additional 13,676 shares during the period. Vestal Point Capital LP bought a new stake in Cidara Therapeutics in the 1st quarter valued at about $10,868,000. Aberdeen Group plc purchased a new stake in Cidara Therapeutics during the first quarter valued at about $2,604,000. Finally, Schonfeld Strategic Advisors LLC boosted its position in Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock worth $1,332,000 after purchasing an additional 30,057 shares during the period. 35.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CDTX. Royal Bank Of Canada reiterated an “outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, June 24th. HC Wainwright reiterated a “buy” rating and issued a $74.00 price objective (up from $53.00) on shares of Cidara Therapeutics in a research note on Friday, August 8th. Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a report on Saturday, May 10th. WBB Securities restated a “strong-buy” rating and set a $45.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 23rd. Finally, JMP Securities raised their price target on Cidara Therapeutics from $59.00 to $66.00 and gave the stock a “market outperform” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $64.14.

Cidara Therapeutics Trading Up 0.2%

Cidara Therapeutics stock opened at $65.39 on Tuesday. Cidara Therapeutics, Inc. has a 1-year low of $10.14 and a 1-year high of $69.36. The firm has a market capitalization of $1.66 billion, a PE ratio of -5.88 and a beta of 1.29. The firm’s 50 day simple moving average is $58.48 and its 200 day simple moving average is $34.78.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, beating the consensus estimate of ($1.87) by $0.22. Research analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Activity

In other Cidara Therapeutics news, Director Ra Capital Management, L.P. acquired 2,272,727 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The stock was bought at an average price of $44.00 per share, with a total value of $99,999,988.00. Following the completion of the purchase, the director owned 3,365,523 shares of the company’s stock, valued at approximately $148,083,012. This represents a 207.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 7.64% of the company’s stock.

Cidara Therapeutics Profile

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.