Cidara therapeutics chief scientific officer sells shares worth $38,939

SAN DIEGO—Tari Leslie, the Chief Scientific Officer of Cidara Therapeutics, Inc. (NASDAQ:CDTX), reported a sale of company stock according to a recent SEC filing. On March 11, Leslie sold 1,773 shares of common stock at a weighted average price of $21.96, totaling approximately $38,939. The transaction comes as the stock trades near $22.36, having delivered an impressive 87% return over the past six months, according to InvestingPro data.

The transaction was carried out to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). This "sell to cover" transaction was not a discretionary sale by Leslie. Following the transaction, Leslie holds 16,215 shares directly, with an additional 73 shares held indirectly by a spouse. Analysts maintain a bullish outlook on the company, with price targets ranging from $33 to $46.

The shares were sold in multiple transactions with prices ranging from $21.96 to $22.26. Leslie has committed to providing detailed information on the specific prices to interested parties upon request. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 8 additional key insights available to subscribers.

In other recent news, Cidara Therapeutics reported a significantly wider fourth-quarter net loss of $52.3 million, primarily due to increased research and development expenses associated with its influenza drug candidate, CD388. The company’s R&D costs rose to $46.9 million, up from $8.0 million the previous year, driven by the Phase 2b NAVIGATE trial for CD388. Cidara did not report any collaboration revenue for the fourth quarter, a decrease from $2.8 million in the same period last year. Despite these financial challenges, the company ended 2024 with $196.2 million in cash and equivalents, supported by recent financing activities including a $240 million raise in April and an additional $105 million in November.

In other developments, H.C. Wainwright analyst Ed Arce increased the price target for Cidara Therapeutics to $35, maintaining a Buy rating. This adjustment follows an anticipated early top-line analysis of the Phase 2b NAVIGATE study for CD388, which could lead to a Phase 3 study initiation sooner than previously expected. Additionally, Citizens JMP initiated coverage on Cidara with a Market Outperform rating, citing the potential of CD388 and its innovative drug-Fc conjugates as factors for optimism. The analyst highlighted the significant market opportunity for CD388, especially for immunocompromised individuals who have low responsiveness to vaccines. These recent developments underscore the ongoing interest and potential in Cidara’s lead drug candidate, CD388.

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