Cidara Therapeutics (NASDAQ:CDTX) Hits New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on CDTX shares. Royal Bank Of Canada lowered Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a research note on Monday, November 17th. JMP Securities set a $173.00 price objective on shares of Cidara Therapeutics and gave the company a “market outperform” rating in a research note on Friday, October 3rd. Needham & Company LLC cut shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, November 14th. Citigroup restated a “market outperform” rating on shares of Cidara Therapeutics in a report on Tuesday, October 21st. Finally, WBB Securities increased 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 note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $156.11.

Cidara Therapeutics Stock Performance

The company’s fifty day moving average is $187.60 and its two-hundred day moving average is $110.93. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of -18.77 and a beta of 1.52.

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

Insiders Place Their Bets

In other Cidara Therapeutics news, COO Shane Ward sold 9,959 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was 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 in the company, valued at $5,509,262.64. This represents a 28.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.64% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. American Century Companies Inc. bought a new position in Cidara Therapeutics during the 1st quarter worth $224,000. Goldman Sachs Group Inc. boosted its holdings in shares of Cidara Therapeutics by 203.8% during the first quarter. Goldman Sachs Group Inc. now owns 42,143 shares of the biotechnology company’s stock valued at $908,000 after acquiring an additional 28,273 shares during the period. Jane Street Group LLC grew its position in shares of Cidara Therapeutics by 119.0% during the first quarter. Jane Street Group LLC now owns 27,849 shares of the biotechnology company’s stock worth $600,000 after acquiring an additional 15,135 shares during the last quarter. Trifecta Capital Advisors LLC acquired a new stake in shares of Cidara Therapeutics in the 2nd quarter worth about $49,000. Finally, Aberdeen Group plc lifted its position in Cidara Therapeutics by 115.0% in the 2nd quarter. Aberdeen Group plc now owns 259,916 shares of the biotechnology company’s stock valued at $12,661,000 after purchasing an additional 139,037 shares during the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.