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

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

A number of other analysts also recently issued reports on the company. Guggenheim assumed coverage on Cidara Therapeutics in a research report on Friday. They set a “buy” rating and a $33.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $24.00 target price on shares of Cidara Therapeutics in a research report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $30.50.

Cidara Therapeutics Price Performance

CDTX stock traded down $0.15 during mid-day trading on Monday, reaching $13.35. 10,768 shares of the company traded hands, compared to its average volume of 38,550. The company has a market capitalization of $93.98 million, a P/E ratio of -0.52 and a beta of 0.99. Cidara Therapeutics has a 52-week low of $10.00 and a 52-week high of $24.40. The company has a fifty day moving average price of $11.58 and a 200-day moving average price of $12.06.

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

Institutional Trading of 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% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 163,000 shares of the biotechnology company’s stock after purchasing an additional 68,000 shares during the period. 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 owned by hedge funds and other institutional investors.

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.