HighVista Strategies acquired 70,904 shares of Cidara Therapeutics valued at $6.79 million, representing 1.66% of their 13F reportable assets under management. This new stake places them outside the fund’s top five holdings. Cidara Therapeutics specializes in developing long-acting anti-infective therapies and was recently acquired by Merck. Following the acquisition, investing in Cidara Therapeutics may not offer significant upside, but Merck could benefit from the potential sales of CD388, a promising influenza prevention drug candidate. Shares of Cidara Therapeutics reached a 52-week high of $221.20 post-acquisition.

Read more at Nasdaq: Is Cidara Therapeutics a Buy After HighVista Strategies Initiated a Position in the Stock?