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

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $221.20 and last traded at $220.74, with a volume of 1191774 shares trading hands. The stock had previously closed at $219.89.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup reiterated a “market outperform” rating on shares of Cidara Therapeutics in a report on Tuesday, October 21st. Needham & Company LLC downgraded Cidara Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, November 14th. Morgan Stanley cut shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a report on Monday, November 17th. JPMorgan Chase & Co. cut shares of Cidara Therapeutics from an “overweight” rating to a “neutral” rating in a report on Monday, November 17th. Finally, WBB Securities lifted 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 analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $156.11.

Cidara Therapeutics Stock Up 0.4%

The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -18.74 and a beta of 1.46. The company has a fifty day moving average of $132.17 and a two-hundred day moving average of $79.11.

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 analysts’ consensus estimates of ($1.19) by ($0.24). Equities analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the completion of the transaction, the insider owned 31,418 shares in the company, 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 SEC, which can be accessed through the SEC website. 3.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CDTX. Amalgamated Bank acquired a new stake in Cidara Therapeutics during the 2nd quarter worth about $28,000. Trifecta Capital Advisors LLC purchased a new stake in Cidara Therapeutics in the 2nd quarter worth approximately $49,000. California State Teachers Retirement System acquired a new stake in Cidara Therapeutics during the second quarter valued at $51,000. Legal & General Group Plc acquired a new position in Cidara Therapeutics in the 2nd quarter worth about $73,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Cidara Therapeutics by 66.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 623 shares in the last quarter. 35.82% of the stock is owned by hedge funds and other institutional investors.

Cidara Therapeutics Company 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.