Cidara Therapeutics, Inc. (NASDAQ:CDTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Cidara Therapeutics, Inc. is a biotechnology company. The company is focused on the discovery, development and commercialization of novel anti-infectives. Its product pipeline includes CD101 IV, a long-acting echinocandin antifungal, CD101 topical and C001 which are in different clinical trial. The company developed its product using Cloudbreak(TM) immunotherapy platform. Cidara Therapeutics, Inc. is headquartered in San Diego, California. “
CDTX has been the topic of a number of other reports. WBB Securities raised shares of Cidara Therapeutics from a “sell” rating to a “hold” rating and set a $7.25 price objective on the stock in a research report on Wednesday, February 22nd. Wedbush reissued an “outperform” rating and issued a $13.00 price objective on shares of Cidara Therapeutics in a research report on Thursday, March 16th. BTIG Research reissued a “buy” rating and issued a $20.00 price objective (up from $15.00) on shares of Cidara Therapeutics in a research report on Saturday, April 29th. ValuEngine downgraded shares of Cidara Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Finally, Cantor Fitzgerald set a $11.00 price objective on shares of Cidara Therapeutics and gave the company a “buy” rating in a research report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $12.75.
Shares of Cidara Therapeutics (CDTX) traded up 2.21% during trading on Tuesday, hitting $6.95. 93,098 shares of the stock were exchanged. The company’s market cap is $116.80 million. Cidara Therapeutics has a one year low of $5.65 and a one year high of $12.95. The stock’s 50 day moving average price is $6.76 and its 200-day moving average price is $8.29.
Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings data on Wednesday, May 10th. The biotechnology company reported ($0.80) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.90) by $0.10. On average, analysts predict that Cidara Therapeutics will post ($3.43) EPS for the current year.
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In related news, insider Taylor Sandison bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were purchased at an average cost of $5.90 per share, with a total value of $118,000.00. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kevin Forrest bought 12,500 shares of the company’s stock in a transaction that occurred on Friday, March 31st. The stock was bought at an average cost of $7.75 per share, for a total transaction of $96,875.00. The disclosure for this purchase can be found here. Insiders purchased a total of 60,400 shares of company stock worth $404,100 over the last ninety days. Insiders own 22.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CDTX. TIAA CREF Investment Management LLC increased its position in Cidara Therapeutics by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 39,065 shares of the biotechnology company’s stock worth $305,000 after buying an additional 1,840 shares during the period. Teachers Advisors LLC boosted its stake in shares of Cidara Therapeutics by 17.5% in the fourth quarter. Teachers Advisors LLC now owns 16,524 shares of the biotechnology company’s stock worth $172,000 after buying an additional 2,458 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Cidara Therapeutics by 6.7% in the first quarter. Bank of New York Mellon Corp now owns 42,350 shares of the biotechnology company’s stock worth $330,000 after buying an additional 2,647 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Cidara Therapeutics by 14.7% in the fourth quarter. Renaissance Technologies LLC now owns 49,900 shares of the biotechnology company’s stock worth $519,000 after buying an additional 6,400 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Cidara Therapeutics by 3.2% in the first quarter. Vanguard Group Inc. now owns 343,184 shares of the biotechnology company’s stock worth $2,677,000 after buying an additional 10,712 shares in the last quarter. 68.26% of the stock is currently owned by hedge funds and other institutional investors.
Cidara Therapeutics Company Profile
Cidara Therapeutics, Inc, formerly K2 Therapeutics, Inc, is a clinical-stage biotechnology company. The Company is engaged in the discovery, development and commercialization of anti-infectives. It is developing a pipeline of product and development candidates with a focus on serious fungal infections.
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