Cidara Therapeutics (NASDAQ:CDTX) Rating Lowered to Sector Perform at Royal Bank Of Canada

Cidara Therapeutics (NASDAQ:CDTX) was downgraded by investment analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research report issued on Monday.

A number of other equities analysts also recently commented on CDTX. JPMorgan Chase & Co. downgraded shares of Cidara Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Monday. Citigroup restated a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. HC Wainwright lowered Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday. WBB Securities raised their target price on Cidara Therapeutics from $123.00 to $199.00 and gave the company a “strong-buy” rating in a report on Thursday, October 9th. Finally, JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the stock a “market outperform” rating in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $156.11.

Cidara Therapeutics Price Performance

CDTX stock traded up $0.18 during trading on Monday, reaching $217.89. 2,021,508 shares of the stock traded hands, compared to its average volume of 600,821. The firm has a market capitalization of $6.85 billion, a PE ratio of -18.50 and a beta of 1.32. The business’s 50 day moving average price is $95.60 and its 200-day moving average price is $62.30. Cidara Therapeutics has a 52-week low of $14.33 and a 52-week high of $218.85.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.19) by ($0.24). On average, equities research analysts predict that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $62.86, for a total transaction of $29,795.64. Following the sale, the insider owned 31,418 shares in the company, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 7.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Cidara Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new stake in shares of Cidara Therapeutics during the 2nd quarter valued at about $28,000. Trifecta Capital Advisors LLC acquired a new position in Cidara Therapeutics during the 2nd quarter valued at approximately $49,000. California State Teachers Retirement System acquired a new stake in Cidara Therapeutics in the second quarter worth $51,000. Legal & General Group Plc bought a new stake in Cidara Therapeutics in the second quarter valued at $73,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Cidara Therapeutics by 66.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company’s stock worth $76,000 after acquiring an additional 623 shares during the last quarter. 35.82% of the stock is 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.