Cidara Therapeutics (NASDAQ:CDTX) Rating Increased to Sell at StockNews.com

Cidara Therapeutics (NASDAQ:CDTX) was upgraded by StockNews.com to a “sell” rating in a note issued to investors on Friday.

A number of other brokerages have also commented on CDTX. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Citizens Jmp began coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target on the stock. Citigroup initiated coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating for the company. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Cidara Therapeutics in a research note on Friday, March 7th. Finally, JMP Securities set a $46.00 price target on Cidara Therapeutics in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $39.14.

Cidara Therapeutics Trading Down 7.8 %

CDTX opened at $16.43 on Friday. The company has a fifty day moving average price of $21.62 and a two-hundred day moving average price of $18.78. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $28.42. The company has a market cap of $179.96 million, a P/E ratio of -0.64 and a beta of 0.89.

Cidara Therapeutics (NASDAQ:CDTX) last issued its earnings results 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 net margin of 289.05% and a negative return on equity of 69.64%. On average, research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Activity

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the sale, the chief operating officer now directly owns 14,674 shares in the company, valued at $322,241.04. The trade was a 10.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 16,215 shares in the company, valued at $356,081.40. This represents a 9.86 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cidara Therapeutics in the fourth quarter valued at approximately $56,000. Point72 Asset Management L.P. bought a new stake in shares of Cidara Therapeutics during the 4th quarter valued at $165,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Cidara Therapeutics during the 4th quarter valued at $339,000. Jane Street Group LLC purchased a new stake in Cidara Therapeutics during the 4th quarter worth about $342,000. Finally, Boothbay Fund Management LLC bought a new position in Cidara Therapeutics in the 4th quarter worth about $419,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.