Cidara Therapeutics (CDTX) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Cidara Therapeutics (NASDAQ:CDTX) from a buy rating to a hold rating in a report issued on Monday.

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. “

A number of other equities analysts have also issued reports on CDTX. ValuEngine lowered Cidara Therapeutics from a sell rating to a strong sell rating in a research report on Friday, September 1st. Cantor Fitzgerald reaffirmed a buy rating and issued a $15.00 target price on shares of Cidara Therapeutics in a research report on Tuesday, September 26th. Finally, HC Wainwright upped their target price on Cidara Therapeutics from $14.00 to $16.00 and gave the company a buy rating in a research report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $13.03.

Cidara Therapeutics (NASDAQ:CDTX) opened at $7.20 on Monday. The company has a market capitalization of $145.71, a P/E ratio of -2.12 and a beta of 1.79. The company has a current ratio of 7.69, a quick ratio of 7.69 and a debt-to-equity ratio of 0.16. Cidara Therapeutics has a 52-week low of $5.60 and a 52-week high of $11.75.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.21. analysts predict that Cidara Therapeutics will post -3.31 earnings per share for the current fiscal year.

In other news, major shareholder Target N. V. Biotech purchased 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were acquired at an average cost of $7.57 per share, with a total value of $454,200.00. Following the transaction, the insider now owns 2,295,272 shares in the company, valued at approximately $17,375,209.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 18.90% of the company’s stock.

Several hedge funds have recently bought and sold shares of CDTX. Broadfin Capital LLC raised its position in shares of Cidara Therapeutics by 45.0% during the 2nd quarter. Broadfin Capital LLC now owns 816,275 shares of the biotechnology company’s stock valued at $6,122,000 after acquiring an additional 253,400 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in Cidara Therapeutics during the 2nd quarter worth $650,000. BB Biotech AG grew its stake in Cidara Therapeutics by 5.6% during the 2nd quarter. BB Biotech AG now owns 1,102,578 shares of the biotechnology company’s stock worth $8,269,000 after buying an additional 58,754 shares during the last quarter. Susquehanna International Group LLP bought a new position in Cidara Therapeutics during the 2nd quarter worth $350,000. Finally, JPMorgan Chase & Co. grew its stake in Cidara Therapeutics by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 41,266 shares of the biotechnology company’s stock worth $328,000 after buying an additional 18,001 shares during the last quarter. 55.45% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Cidara Therapeutics (NASDAQ:CDTX)

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