Acuta Capital Partners LLC Purchases New Stake in Cidara Therapeutics, Inc. (NASDAQ:CDTX)

Acuta Capital Partners LLC acquired a new position in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 54,473 shares of the biotechnology company’s stock, valued at approximately $1,464,000. Cidara Therapeutics makes up approximately 1.5% of Acuta Capital Partners LLC’s holdings, making the stock its 24th largest position.

Several other hedge funds have also recently bought and sold shares of CDTX. Geode Capital Management LLC boosted its position in shares of Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after acquiring an additional 9,771 shares in the last quarter. Vivo Capital LLC bought a new stake in Cidara Therapeutics during the fourth quarter worth $18,026,000. ADAR1 Capital Management LLC acquired a new stake in shares of Cidara Therapeutics in the 4th quarter valued at $670,000. TCG Crossover Management LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter valued at $26,092,000. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Cidara Therapeutics by 765.3% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock worth $9,944,000 after buying an additional 327,199 shares in the last quarter. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Stock Up 4.1 %

NASDAQ CDTX opened at $21.75 on Friday. The company has a market capitalization of $238.23 million, a price-to-earnings ratio of -0.85 and a beta of 0.89. Cidara Therapeutics, Inc. has a twelve month low of $10.14 and a twelve month high of $28.42. The stock has a fifty day simple moving average of $20.94 and a 200 day simple moving average of $19.93.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts’ consensus estimates of ($5.28) by ($0.10). Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Research analysts expect that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Shane Ward sold 1,664 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at $322,241.04. This trade represents a 10.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Leslie Tari sold 1,773 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the transaction, the insider now directly owns 16,215 shares in the company, valued at approximately $356,081.40. This trade represents a 9.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citizens Jmp began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price objective on the stock. StockNews.com raised shares of Cidara Therapeutics to a “sell” rating in a report on Wednesday, April 16th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Cidara Therapeutics in a research note on Thursday, April 10th. HC Wainwright raised their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $46.00 price target on shares of Cidara Therapeutics in a research note on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $39.14.

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.