Cidara Therapeutics (NASDAQ:CDTX) Downgraded to “Sector Perform” Rating by Royal Bank Of Canada

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

CDTX has been the subject of a number of other reports. JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the company a “market outperform” rating in a research report on Friday, October 3rd. Wall Street Zen downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. Needham & Company LLC lowered shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $156.11.

Cidara Therapeutics Price Performance

CDTX opened at $217.91 on Monday. The company’s 50-day moving average is $98.72 and its 200 day moving average is $63.68. Cidara Therapeutics has a fifty-two week low of $14.33 and a fifty-two week high of $218.85. The firm has a market capitalization of $6.85 billion, a P/E ratio of -18.50 and a beta of 1.32.

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

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Nicole Negar Davarpanah sold 474 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $62.86, for a total transaction of $29,795.64. Following the completion of the transaction, the insider 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Amalgamated Bank bought a new position in Cidara Therapeutics in the 2nd quarter worth approximately $28,000. Trifecta Capital Advisors LLC purchased a new stake in shares of Cidara Therapeutics during the second quarter worth $49,000. California State Teachers Retirement System bought a new position in shares of Cidara Therapeutics in the second quarter worth $51,000. Legal & General Group Plc purchased a new position in shares of Cidara Therapeutics in the second quarter valued at $73,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Cidara Therapeutics by 66.8% during 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 period. 35.82% of the stock is owned by institutional investors.

Cidara Therapeutics Company Profile

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.