Cidara Therapeutics (NASDAQ:CDTX) Downgraded to “Neutral” Rating by JPMorgan Chase & Co.

Cidara Therapeutics (NASDAQ:CDTX) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Monday.

Several other research analysts have also issued reports on CDTX. Weiss Ratings restated a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Wednesday, October 8th. Needham & Company LLC downgraded shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday. JMP Securities set a $173.00 target price on shares of Cidara Therapeutics and gave the company a “market outperform” rating in a report on Friday, October 3rd. WBB Securities increased their price target on Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 9th. Finally, Guggenheim set a $167.00 price target on Cidara Therapeutics and gave the stock a “buy” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cidara Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $156.11.

Cidara Therapeutics Trading Up 0.1%

NASDAQ:CDTX traded up $0.18 during trading hours on Monday, hitting $217.89. 2,021,508 shares of the company were exchanged, compared to its average volume of 600,821. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of -18.50 and a beta of 1.32. Cidara Therapeutics has a one year low of $14.33 and a one year high of $218.85. The company has a fifty day simple moving average of $95.60 and a 200 day simple moving average of $62.30.

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

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the completion of the sale, the insider directly owned 31,418 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Company insiders own 7.64% of the company’s stock.

Institutional Trading of Cidara Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. Farallon Capital Management LLC raised its stake in Cidara Therapeutics by 154.0% during the 3rd quarter. Farallon Capital Management LLC now owns 508,000 shares of the biotechnology company’s stock worth $48,646,000 after buying an additional 308,000 shares during the period. Fred Alger Management LLC acquired a new stake in Cidara Therapeutics in the third quarter valued at approximately $48,156,000. First Light Asset Management LLC increased its holdings in shares of Cidara Therapeutics by 62.0% during the third quarter. First Light Asset Management LLC now owns 292,657 shares of the biotechnology company’s stock valued at $28,025,000 after acquiring an additional 112,042 shares in the last quarter. Darwin Global Management Ltd. raised its position in shares of Cidara Therapeutics by 29.8% during the third quarter. Darwin Global Management Ltd. now owns 997,196 shares of the biotechnology company’s stock worth $94,993,000 after purchasing an additional 228,772 shares during the period. Finally, Cinctive Capital Management LP bought a new position in shares of Cidara Therapeutics in the 3rd quarter worth $1,155,000. 35.82% of the stock is owned by institutional investors.

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.