Insider Buying: Cidara Therapeutics (NASDAQ:CDTX) CEO Acquires 2,500 Shares of Stock

Cidara Therapeutics, Inc. (NASDAQ:CDTX) CEO Jeffrey Stein purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The shares were purchased at an average cost of $40.01 per share, for a total transaction of $100,025.00. Following the completion of the transaction, the chief executive officer directly owned 69,371 shares of the company’s stock, valued at $2,775,533.71. This represents a 3.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Cidara Therapeutics Stock Up 0.0%

CDTX stock traded up $0.06 during trading on Wednesday, reaching $221.38. The stock had a trading volume of 2,691,000 shares, compared to its average volume of 919,345. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of -18.79 and a beta of 1.52. Cidara Therapeutics, Inc. has a one year low of $15.22 and a one year high of $221.42. The company’s 50 day moving average is $194.68 and its two-hundred day moving average is $114.50.

Cidara Therapeutics (NASDAQ:CDTX) last posted its earnings results 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, research analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CDTX. JPMorgan Chase & Co. downgraded Cidara Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Monday, November 17th. Royal Bank Of Canada downgraded shares of Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a report on Monday, November 17th. Morgan Stanley lowered shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a research report on Monday, November 17th. Citigroup reaffirmed a “market outperform” rating on shares of Cidara Therapeutics in a research report on Tuesday, October 21st. Finally, HC Wainwright downgraded shares of Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, November 14th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $156.11.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDTX. Bain Capital Life Sciences Investors LLC raised its position in shares of Cidara Therapeutics by 255.7% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company’s stock valued at $121,808,000 after purchasing an additional 1,797,600 shares during the period. Vivo Capital LLC boosted its holdings in Cidara Therapeutics by 91.7% in the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock worth $63,880,000 after buying an additional 627,149 shares during the period. Vanguard Group Inc. grew its stake in Cidara Therapeutics by 27.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,230,666 shares of the biotechnology company’s stock valued at $117,849,000 after buying an additional 263,961 shares in the last quarter. Commodore Capital LP bought a new stake in Cidara Therapeutics during the 2nd quarter valued at $57,234,000. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Cidara Therapeutics by 11.1% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,100,000 shares of the biotechnology company’s stock worth $53,581,000 after acquiring an additional 110,000 shares in the last quarter. Institutional investors 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.