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

StockNews.com upgraded shares of Cidara Therapeutics (NASDAQ:CDTX) to a sell rating in a research note published on Friday.

Other research analysts also recently issued reports about the company. HC Wainwright raised their price objective on Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Cidara Therapeutics in a research report on Friday, March 7th. JMP Securities set a $46.00 price objective on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. WBB Securities upped their price target on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada started coverage on shares of Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective on the stock. 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. Based on data from MarketBeat, Cidara Therapeutics currently has an average rating of “Buy” and a consensus price target of $39.14.

Cidara Therapeutics Stock Down 7.8 %

CDTX stock opened at $16.43 on Friday. Cidara Therapeutics has a twelve month low of $10.00 and a twelve month high of $28.42. The firm has a market cap of $179.96 million, a price-to-earnings ratio of -0.64 and a beta of 0.89. The business’s fifty day simple moving average is $21.62 and its two-hundred day simple moving average is $18.83.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative return on equity of 69.64% and a negative net margin of 289.05%. Research analysts expect that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Activity at Cidara Therapeutics

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total transaction of $36,541.44. Following the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. The trade was a 10.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Leslie Tari sold 1,773 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $38,935.08. Following the completion of the transaction, the insider now directly owns 16,215 shares of the company’s stock, valued at approximately $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.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds have recently made changes to their positions in CDTX. Geode Capital Management LLC grew its stake in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $339,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the 4th quarter worth approximately $56,000. Stempoint Capital LP purchased a new position in Cidara Therapeutics during the 4th quarter worth approximately $1,281,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Cidara Therapeutics by 154.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock valued at $1,332,000 after acquiring an additional 30,057 shares during the period. 35.82% of the stock is owned by institutional investors and hedge funds.

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.