Stock Traders Purchase High Volume of Cidara Therapeutics Call Options (NASDAQ:CDTX)

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of some unusual options trading on Friday. Traders bought 15,470 call options on the company. This is an increase of 1,606% compared to the average volume of 907 call options.

Cidara Therapeutics Stock Up 105.4%

Shares of NASDAQ:CDTX opened at $217.71 on Friday. The stock has a market capitalization of $6.84 billion, a P/E ratio of -18.48 and a beta of 1.32. Cidara Therapeutics has a 52 week low of $13.90 and a 52 week high of $218.85. The firm has a fifty day simple moving average of $95.60 and a two-hundred day simple moving average of $61.73.

Cidara Therapeutics (NASDAQ:CDTX) last released its earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.19) by ($0.24). On average, analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup restated a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. Guggenheim set a $167.00 target price on shares of Cidara Therapeutics and gave the stock a “buy” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. began coverage on shares of Cidara Therapeutics in a research note on Friday, October 10th. They set an “overweight” rating and a $200.00 target price for the company. WBB Securities lifted their price target on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the company a “strong-buy” rating in a report on Thursday, October 9th. Finally, JMP Securities set a $173.00 price target on shares of Cidara Therapeutics and gave the stock a “market outperform” rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cidara Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $156.11.

Insider Activity at Cidara Therapeutics

In other news, insider Nicole Negar Davarpanah sold 474 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $62.86, for a total value of $29,795.64. Following the transaction, the insider directly owned 31,418 shares in the company, valued at $1,974,935.48. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Institutional investors have recently made changes to their positions in the company. Amalgamated Bank purchased a new position in shares of Cidara Therapeutics during the 2nd quarter worth about $28,000. Trifecta Capital Advisors LLC bought a new stake in Cidara Therapeutics in the second quarter worth about $49,000. California State Teachers Retirement System purchased a new position in shares of Cidara Therapeutics during the second quarter valued at approximately $51,000. Legal & General Group Plc bought a new position in shares of Cidara Therapeutics during the second quarter valued at approximately $73,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Cidara Therapeutics by 66.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after buying an additional 623 shares during the period. 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.