Geode Capital Management LLC Grows Stock Position in Cidara Therapeutics, Inc. $CDTX

Geode Capital Management LLC grew its position in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 576.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 372,010 shares of the biotechnology company’s stock after buying an additional 317,027 shares during the period. Geode Capital Management LLC owned 1.85% of Cidara Therapeutics worth $18,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CDTX. Amalgamated Bank bought a new stake in Cidara Therapeutics in the 2nd quarter valued at about $28,000. Trifecta Capital Advisors LLC purchased a new position in shares of Cidara Therapeutics in the second quarter worth about $49,000. American Century Companies Inc. bought a new stake in shares of Cidara Therapeutics in the first quarter valued at approximately $224,000. AlphaQuest LLC bought a new stake in shares of Cidara Therapeutics in the second quarter valued at approximately $239,000. Finally, West Michigan Advisors LLC purchased a new stake in shares of Cidara Therapeutics during the 1st quarter valued at approximately $291,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Stock Performance

NASDAQ:CDTX opened at $219.82 on Monday. Cidara Therapeutics, Inc. has a 52-week low of $15.22 and a 52-week high of $220.46. The stock has a fifty day moving average of $126.36 and a 200 day moving average of $76.34. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of -18.66 and a beta of 1.45.

Cidara Therapeutics (NASDAQ:CDTX) last announced its earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.19) by ($0.24). Equities analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Cidara Therapeutics

In related news, insider Nicole Negar Davarpanah sold 474 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the sale, the insider directly owned 31,418 shares of the company’s stock, valued at $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 7.64% of the company’s stock.

Wall Street Analyst Weigh In

CDTX has been the subject of a number of recent research reports. WBB Securities lifted their price objective on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. Royal Bank Of Canada cut Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a report on Monday, November 17th. Wall Street Zen downgraded Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Citigroup reiterated a “market outperform” rating on shares of Cidara Therapeutics in a research report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $156.11.

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.