Cidara Therapeutics (NASDAQ:CDTX) Downgraded to “Neutral” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Cidara Therapeutics (NASDAQ:CDTX) from an overweight rating to a neutral rating in a report issued on Monday morning, MarketBeat reports.

Several other research firms have also recently weighed in on CDTX. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a research note on Wednesday, October 8th. Needham & Company LLC downgraded shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday. WBB Securities boosted their price objective on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 9th. Guggenheim set a $167.00 target price on shares of Cidara Therapeutics and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, HC Wainwright downgraded Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $156.11.

Cidara Therapeutics Price Performance

Shares of NASDAQ CDTX opened at $217.91 on Monday. Cidara Therapeutics has a fifty-two week low of $14.33 and a fifty-two week high of $218.85. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of -18.50 and a beta of 1.32. The business has a 50-day moving average of $98.72 and a 200-day moving average of $63.68.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) EPS for the quarter, missing the consensus estimate of ($1.19) by ($0.24). On average, sell-side analysts expect that Cidara Therapeutics will post -8.74 EPS for the current year.

Insider Activity at Cidara Therapeutics

In other 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 value of $29,795.64. Following the transaction, the insider owned 31,418 shares of the company’s stock, valued at approximately $1,974,935.48. This 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 can be accessed through this link. Insiders own 7.64% of the company’s stock.

Institutional Trading of Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. West Michigan Advisors LLC acquired a new position in Cidara Therapeutics in the 1st quarter valued at $291,000. Vivo Capital LLC boosted its position in shares of Cidara Therapeutics by 2.0% in the first quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company’s stock valued at $14,739,000 after acquiring an additional 13,676 shares during the period. Aberdeen Group plc acquired a new position in shares of Cidara Therapeutics in the first quarter valued at about $2,604,000. American Century Companies Inc. bought a new position in Cidara Therapeutics during the first quarter worth about $224,000. Finally, OMERS ADMINISTRATION Corp raised its stake in Cidara Therapeutics by 53.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company’s stock worth $416,000 after purchasing an additional 6,700 shares in the last quarter. 35.82% of the stock is currently 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.