Cidara Therapeutics (NASDAQ:CDTX) Cut to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of Cidara Therapeutics (NASDAQ:CDTX) from an overweight rating to an equal weight rating in a research note issued to investors on Monday, MarketBeat reports.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. WBB Securities increased their target price on Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 9th. JPMorgan Chase & Co. started coverage on Cidara Therapeutics in a research report on Friday, October 10th. They issued an “overweight” rating and a $200.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. Finally, Guggenheim set a $167.00 price objective on Cidara Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $156.11.

Cidara Therapeutics Trading Up 0.3%

CDTX stock opened at $219.02 on Monday. The firm has a 50 day simple moving average of $104.94 and a 200-day simple moving average of $66.15. The company has a market capitalization of $6.89 billion, a P/E ratio of -18.59 and a beta of 1.32. Cidara Therapeutics has a twelve month low of $15.02 and a twelve month high of $219.64.

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

Insider Transactions at Cidara Therapeutics

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

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CDTX. Amalgamated Bank bought a new stake in Cidara Therapeutics in the 2nd quarter valued at about $28,000. Tower Research Capital LLC TRC grew its position in Cidara Therapeutics by 66.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 623 shares during the last quarter. Trifecta Capital Advisors LLC acquired a new stake in shares of Cidara Therapeutics in the second quarter valued at approximately $49,000. California State Teachers Retirement System bought a new stake in shares of Cidara Therapeutics during the second quarter valued at approximately $51,000. Finally, Raymond James Financial Inc. boosted its position in shares of Cidara Therapeutics by 35.6% during the third quarter. Raymond James Financial Inc. now owns 4,060 shares of the biotechnology company’s stock worth $389,000 after buying an additional 1,066 shares during the period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.