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

Cidara Therapeutics (NASDAQ:CDTX) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research report issued on Friday.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald upgraded Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Needham & Company LLC reissued a “buy” rating and set a $35.00 target price on shares of Cidara Therapeutics in a report on Friday, March 7th. Royal Bank of Canada started coverage on Cidara Therapeutics in a research note on Friday, December 13th. They issued an “outperform” rating and a $34.00 price target for the company. WBB Securities increased their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, December 5th. Finally, JMP Securities set a $46.00 target price on shares of Cidara Therapeutics in a report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $39.14.

Cidara Therapeutics Price Performance

CDTX stock opened at $16.43 on Friday. The business’s fifty day moving average price is $21.62 and its two-hundred day moving average price is $18.78. The stock has a market capitalization of $179.96 million, a price-to-earnings ratio of -0.64 and a beta of 0.89. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing analysts’ consensus estimates 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 Buying and Selling

In other news, insider Leslie Tari sold 1,773 shares of the business’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 $38,935.08. Following the sale, the insider now directly owns 16,215 shares in the company, valued at approximately $356,081.40. The trade was a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Shane Ward sold 1,664 shares of the firm’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 completion of the transaction, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. This trade represents a 10.18 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in Cidara Therapeutics by 22.7% in the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after acquiring an additional 9,771 shares during the last quarter. ADAR1 Capital Management LLC bought a new position in Cidara Therapeutics during the fourth quarter worth $670,000. Vivo Capital LLC acquired a new position in Cidara Therapeutics in the fourth quarter valued at $18,026,000. Adage Capital Partners GP L.L.C. boosted its position in Cidara Therapeutics by 765.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company’s stock valued at $9,944,000 after acquiring an additional 327,199 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in Cidara Therapeutics during the 4th quarter worth about $419,000. 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.