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

Royal Bank Of Canada downgraded shares of Cidara Therapeutics (NASDAQ:CDTX) from an outperform rating to a sector perform rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports.

Several other brokerages have also issued reports on CDTX. Guggenheim set a $167.00 price target on shares of Cidara Therapeutics and gave the company a “buy” rating in a report on Wednesday, September 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cidara Therapeutics in a research note on Wednesday, October 8th. WBB Securities lifted their target price on Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 9th. 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. Finally, Wall Street Zen lowered Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $156.11.

Cidara Therapeutics Price Performance

Shares of CDTX stock opened at $219.02 on Monday. The stock has a market cap of $6.89 billion, a PE ratio of -18.59 and a beta of 1.32. The stock has a 50-day moving average of $104.94 and a 200-day moving average of $66.15. Cidara Therapeutics has a one year low of $15.02 and a one year high of $219.64.

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). As a group, research analysts anticipate that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Buying and Selling

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the firm’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 value of $29,795.64. Following the completion of the transaction, the insider directly owned 31,418 shares in the company, valued at $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.89% of the company’s stock.

Institutional Trading of Cidara Therapeutics

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