Cidara Therapeutics (NASDAQ:CDTX) Downgraded by Zacks Investment Research to Sell

Cidara Therapeutics (NASDAQ:CDTXGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

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 research firms have also commented on CDTX. Aegis restated a “buy” rating on shares of Cidara Therapeutics in a research report on Wednesday, March 16th. HC Wainwright dropped their price objective on shares of Cidara Therapeutics from $7.50 to $6.00 in a report on Thursday, May 12th. StockNews.com initiated coverage on shares of Cidara Therapeutics in a report on Friday. They set a “hold” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $6.00 price objective on shares of Cidara Therapeutics in a report on Tuesday, March 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cidara Therapeutics has an average rating of “Buy” and a consensus price target of $5.50.

Shares of CDTX traded up $0.04 during mid-day trading on Tuesday, reaching $0.48. 519,763 shares of the stock traded hands, compared to its average volume of 311,337. The firm has a fifty day moving average price of $0.77 and a 200 day moving average price of $1.03. The company has a market cap of $33.35 million, a price-to-earnings ratio of -0.67 and a beta of 1.35. Cidara Therapeutics has a 1 year low of $0.41 and a 1 year high of $2.39.

Cidara Therapeutics (NASDAQ:CDTXGet Rating) last released its quarterly earnings results on Wednesday, May 11th. The biotechnology company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.01. Cidara Therapeutics had a negative net margin of 81.71% and a negative return on equity of 430.97%. Equities analysts anticipate that Cidara Therapeutics will post -1 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP bought a new stake in Cidara Therapeutics in the third quarter worth $28,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Cidara Therapeutics by 64.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 88,097 shares of the biotechnology company’s stock valued at $112,000 after acquiring an additional 34,666 shares during the last quarter. Jeppson Wealth Management LLC raised its stake in shares of Cidara Therapeutics by 30.2% during the first quarter. Jeppson Wealth Management LLC now owns 143,850 shares of the biotechnology company’s stock valued at $119,000 after acquiring an additional 33,325 shares during the last quarter. Northern Trust Corp raised its stake in shares of Cidara Therapeutics by 58.5% during the fourth quarter. Northern Trust Corp now owns 110,497 shares of the biotechnology company’s stock valued at $140,000 after acquiring an additional 40,775 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Cidara Therapeutics by 14.1% during the first quarter. State Street Corp now owns 176,237 shares of the biotechnology company’s stock valued at $147,000 after acquiring an additional 21,837 shares during the last quarter. 58.20% of the stock is owned by institutional investors and hedge funds.

About Cidara Therapeutics (Get Rating)

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.

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