Cidara Therapeutics (NASDAQ:CDTX) Sees Strong Trading Volume – Should You Buy?

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw an uptick in trading volume on Monday . 1,104,322 shares traded hands during trading, an increase of 69% from the previous session’s volume of 652,157 shares.The stock last traded at $219.6150 and had previously closed at $219.88.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. Wall Street Zen lowered shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Morgan Stanley lowered shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a report on Monday, November 17th. HC Wainwright downgraded Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Finally, JMP Securities set a $173.00 target price on Cidara Therapeutics and gave the stock a “market outperform” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cidara Therapeutics has a consensus rating of “Hold” and an average price target of $156.11.

Cidara Therapeutics Trading Down 0.1%

The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of -18.66 and a beta of 1.45. The stock has a fifty day moving average of $126.36 and a 200-day moving average of $76.34.

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

Insider Transactions at Cidara Therapeutics

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics 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 approximately $1,974,935.48. The trade was a 1.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harvest Investment Services LLC acquired a new position in shares of Cidara Therapeutics during the third quarter worth approximately $754,000. Dark Forest Capital Management LP purchased a new position in shares of Cidara Therapeutics during the 3rd quarter valued at about $1,672,000. Wasatch Advisors LP purchased a new stake in Cidara Therapeutics during the 3rd quarter valued at $4,913,000. Velan Capital Investment Management LP increased its position in Cidara Therapeutics by 8.4% during the 3rd quarter. Velan Capital Investment Management LP now owns 108,404 shares of the biotechnology company’s stock valued at $10,381,000 after purchasing an additional 8,404 shares during the period. Finally, Summit Partners Public Asset Management LLC purchased a new position in shares of Cidara Therapeutics during the 3rd quarter worth approximately $12,449,000. 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.