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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares reached a new 52-week high during trading on Friday . The stock traded as high as $218.85 and last traded at $218.26, with a volume of 9826080 shares traded. The stock had previously closed at $105.99.

Analyst Upgrades and Downgrades

Several analysts have commented on CDTX shares. Morgan Stanley assumed coverage on shares of Cidara Therapeutics in a research report on Thursday, October 16th. They set an “overweight” rating and a $190.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. Citigroup restated a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. HC Wainwright reiterated a “buy” rating and issued a $150.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday, October 21st. Finally, Guggenheim set a $167.00 price objective on shares of Cidara Therapeutics and gave the company a “buy” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $156.11.

Cidara Therapeutics Price Performance

The stock has a 50 day simple moving average of $92.51 and a two-hundred day simple moving average of $60.36. The company has a market cap of $6.85 billion, a price-to-earnings ratio of -18.50 and a beta of 1.32.

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

Insider Buying and Selling at Cidara Therapeutics

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the sale, the insider owned 31,418 shares of the company’s stock, valued at $1,974,935.48. This trade represents a 1.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Bank of Hawaii acquired a new stake in shares of Cidara Therapeutics during the 3rd quarter valued at approximately $808,000. Quadrature Capital Ltd boosted its holdings in shares of Cidara Therapeutics by 86.0% in the 3rd quarter. Quadrature Capital Ltd now owns 31,398 shares of the biotechnology company’s stock valued at $3,005,000 after purchasing an additional 14,514 shares during the last quarter. Invesco Ltd. increased its holdings in Cidara Therapeutics by 25.3% in the 3rd quarter. Invesco Ltd. now owns 157,172 shares of the biotechnology company’s stock valued at $15,051,000 after purchasing an additional 31,746 shares in the last quarter. Sei Investments Co. lifted its holdings in Cidara Therapeutics by 708.0% in the 3rd quarter. Sei Investments Co. now owns 50,525 shares of the biotechnology company’s stock worth $4,836,000 after buying an additional 44,272 shares in the last quarter. Finally, UBS Group AG increased its stake in shares of Cidara Therapeutics by 166.2% in the third quarter. UBS Group AG now owns 473,554 shares of the biotechnology company’s stock worth $45,348,000 after buying an additional 295,644 shares during the last quarter. Hedge funds and other institutional investors own 35.82% of the company’s stock.

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.