Cidara Therapeutics Inc (NASDAQ:CDTX) shares shot up 5.1% during trading on Wednesday . The stock traded as high as $2.68 and last traded at $2.49, 511,600 shares changed hands during mid-day trading. An increase of 134% from the average session volume of 218,743 shares. The stock had previously closed at $2.37.
Several research firms have commented on CDTX. Wedbush upgraded Cidara Therapeutics from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $2.00 to $4.00 in a report on Tuesday, September 3rd. WBB Securities upgraded Cidara Therapeutics from a “speculative buy” rating to a “buy” rating and set a $6.25 price target for the company in a report on Wednesday. Needham & Company LLC set a $10.00 price objective on Cidara Therapeutics and gave the company a “buy” rating in a research note on Monday, August 12th. BTIG Research reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cidara Therapeutics in a research note on Wednesday, September 4th. Finally, Zacks Investment Research lowered Cidara Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $6.11.
The firm has a market capitalization of $82.27 million, a price-to-earnings ratio of -1.07 and a beta of 2.14. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $2.20 and a two-hundred day moving average price of $1.83.
In other news, CEO Jeffrey Stein acquired 52,500 shares of Cidara Therapeutics stock in a transaction dated Tuesday, September 24th. The shares were acquired at an average cost of $1.91 per share, with a total value of $100,275.00. Following the purchase, the chief executive officer now directly owns 282,320 shares of the company’s stock, valued at approximately $539,231.20. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James E. Levine acquired 30,000 shares of Cidara Therapeutics stock in a transaction dated Tuesday, September 24th. The stock was purchased at an average cost of $1.91 per share, for a total transaction of $57,300.00. Following the completion of the purchase, the chief financial officer now directly owns 205,000 shares in the company, valued at $391,550. The disclosure for this purchase can be found here. Insiders sold a total of 11,580 shares of company stock worth $22,479 over the last ninety days. Corporate insiders own 15.28% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CDTX. Renaissance Technologies LLC lifted its position in Cidara Therapeutics by 53.9% during the 2nd quarter. Renaissance Technologies LLC now owns 610,742 shares of the biotechnology company’s stock worth $1,026,000 after acquiring an additional 214,010 shares in the last quarter. West Family Investments Inc. lifted its position in Cidara Therapeutics by 41.6% during the 2nd quarter. West Family Investments Inc. now owns 300,000 shares of the biotechnology company’s stock worth $504,000 after acquiring an additional 88,128 shares in the last quarter. Finally, Granahan Investment Management Inc. MA lifted its position in Cidara Therapeutics by 6.1% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 464,164 shares of the biotechnology company’s stock worth $926,000 after acquiring an additional 26,849 shares in the last quarter. 43.90% of the stock is currently owned by hedge funds and other institutional investors.
Cidara Therapeutics Company Profile (NASDAQ:CDTX)
Cidara Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of anti-infectives for the treatment of diseases. Its lead product candidate is rezafungin acetate, a molecule in the echinocandin class of antifungals for the treatment and prevention of serious invasive fungal infections, including candidemia and invasive candidiasis, fungal infections associated with high mortality rates.
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