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

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

Analyst Upgrades and Downgrades

CDTX has been the subject of a number of research analyst reports. Guggenheim downgraded Cidara Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, November 18th. Wall Street Zen lowered Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Royal Bank Of Canada downgraded shares of Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a research note on Monday, November 17th. Morgan Stanley cut Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Wednesday, October 8th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $156.11.

Cidara Therapeutics Price Performance

The company’s fifty day simple moving average is $140.13 and its 200-day simple moving average is $82.42. The firm has a market capitalization of $6.93 billion, a PE ratio of -18.71 and a beta of 1.46.

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

Insider Activity at Cidara Therapeutics

In related news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction that occurred 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 sale, the insider owned 31,418 shares in the company, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.89% of the stock is owned by company insiders.

Institutional Trading of Cidara Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Vivo Capital LLC raised its holdings in shares of Cidara Therapeutics by 2.0% during the first quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company’s stock worth $14,739,000 after purchasing an additional 13,676 shares during the last quarter. Aberdeen Group plc purchased a new position in shares of Cidara Therapeutics during the 1st quarter valued at about $2,604,000. American Century Companies Inc. acquired a new position in shares of Cidara Therapeutics in the 1st quarter valued at about $224,000. OMERS ADMINISTRATION Corp boosted its stake in shares of Cidara Therapeutics by 53.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock worth $416,000 after buying an additional 6,700 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new stake in Cidara Therapeutics during the first quarter worth about $10,868,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.