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

Cidara Therapeutics (NASDAQ:CDTX) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report issued on Monday.

A number of other equities analysts have also recently commented on CDTX. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. Guggenheim assumed coverage on shares of Cidara Therapeutics in a research report on Friday. They set a “buy” rating and a $33.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.50.

Cidara Therapeutics Stock Down 1.1 %

Shares of NASDAQ:CDTX traded down $0.15 during midday trading on Monday, hitting $13.35. The stock had a trading volume of 10,768 shares, compared to its average volume of 38,550. The business’s 50-day simple moving average is $11.58 and its 200-day simple moving average is $12.06. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $24.40. The company has a market cap of $93.98 million, a P/E ratio of -0.52 and a beta of 0.99.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) EPS for the quarter, topping analysts’ consensus estimates of ($3.94) by $1.89. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 109.77%. The firm had revenue of $0.30 million during the quarter. As a group, equities analysts predict that Cidara Therapeutics will post -12.06 earnings per share for the current year.

Institutional Investors Weigh In On Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. boosted its stake in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,000 shares of the biotechnology company’s stock after purchasing an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 at the end of the most recent reporting period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.