Cidara Therapeutics (NASDAQ:CDTX) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Cidara Therapeutics (NASDAQ:CDTX) from a hold rating to a sell rating in a research report released on Saturday.

Several other research firms have also issued reports on CDTX. WBB Securities lifted their price target on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 9th. Morgan Stanley started coverage on Cidara Therapeutics in a research note on Thursday, October 16th. They set an “overweight” rating and a $190.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on Cidara Therapeutics in a research note on Friday, October 10th. They issued an “overweight” rating and a $200.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Cidara Therapeutics from $137.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $156.11.

Cidara Therapeutics Stock Performance

Shares of Cidara Therapeutics stock opened at $104.39 on Friday. The company has a market capitalization of $2.65 billion, a PE ratio of -8.86 and a beta of 1.32. The company has a 50-day simple moving average of $89.16 and a two-hundred day simple moving average of $58.27. Cidara Therapeutics has a one year low of $12.89 and a one year high of $121.21.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly 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). On average, equities analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Transactions at Cidara Therapeutics

In related news, insider Nicole Negar Davarpanah sold 474 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were 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. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.89% of the stock is owned by corporate insiders.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently modified their holdings of CDTX. Readystate Asset Management LP acquired a new position in Cidara Therapeutics in the third quarter valued at approximately $1,966,000. Vanguard Group Inc. increased its holdings in shares of Cidara Therapeutics by 27.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,230,666 shares of the biotechnology company’s stock valued at $117,849,000 after purchasing an additional 263,961 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Cidara Therapeutics by 285.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 30,671 shares of the biotechnology company’s stock valued at $2,937,000 after purchasing an additional 22,718 shares during the period. Ground Swell Capital LLC acquired a new position in shares of Cidara Therapeutics in the 3rd quarter valued at $275,000. Finally, Bryce Point Capital LLC purchased a new stake in Cidara Therapeutics during the third quarter worth $381,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

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.