StockNews.com Upgrades Cidara Therapeutics (NASDAQ:CDTX) to Sell

StockNews.com upgraded shares of Cidara Therapeutics (NASDAQ:CDTX) to a sell rating in a report released on Saturday morning.

Other research analysts have also issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Cidara Therapeutics in a research report on Thursday, April 10th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. Citizens Jmp initiated coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 target price for the company. Citigroup initiated coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating for the company. Finally, JMP Securities boosted their target price on Cidara Therapeutics from $46.00 to $47.00 and gave the stock a “market outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $39.57.

Cidara Therapeutics Trading Up 4.3%

Shares of NASDAQ:CDTX opened at $19.43 on Friday. Cidara Therapeutics has a twelve month low of $10.14 and a twelve month high of $28.42. The company’s 50 day moving average is $20.48 and its 200 day moving average is $20.47. The company has a market cap of $243.79 million, a PE ratio of -0.76 and a beta of 0.86.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, topping the consensus estimate of ($5.45) by $3.79. Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Equities research analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Insider Activity

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the sale, the chief operating officer now directly owns 14,674 shares in the company, valued at $322,241.04. This represents a 10.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the sale, the insider now owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. This trade represents a 9.86% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.89% of the company’s stock.

Institutional Investors Weigh In On Cidara Therapeutics

A number of large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $56,000. Point72 Asset Management L.P. acquired a new position in shares of Cidara Therapeutics during the 4th quarter valued at $165,000. West Michigan Advisors LLC acquired a new position in shares of Cidara Therapeutics during the 1st quarter valued at $291,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Cidara Therapeutics during the 4th quarter valued at $339,000. Finally, Jane Street Group LLC acquired a new position in shares of Cidara Therapeutics in the 4th quarter worth $342,000. Institutional investors and hedge funds 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.