Cidara Therapeutics (NASDAQ:CDTX) Lowered to Equal Weight Rating by Morgan Stanley

Morgan Stanley cut shares of Cidara Therapeutics (NASDAQ:CDTX) from an overweight rating to an equal weight rating in a research note released on Monday morning, MarketBeat reports.

CDTX has been the topic of a number of other reports. HC Wainwright lowered shares of Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday. Royal Bank Of Canada raised their price target on Cidara Therapeutics from $137.00 to $145.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. initiated coverage on Cidara Therapeutics in a research note on Friday, October 10th. They set an “overweight” rating and a $200.00 target price for the company. Finally, JMP Securities set a $173.00 price target on Cidara Therapeutics and gave the stock a “market outperform” rating in a research report on Friday, October 3rd. One equities research 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 issued a Sell rating to the stock. According to MarketBeat.com, Cidara Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $156.11.

Cidara Therapeutics Stock Performance

Shares of CDTX stock opened at $217.91 on Monday. The stock’s 50 day simple moving average is $98.72 and its 200 day simple moving average is $63.68. Cidara Therapeutics has a twelve month low of $14.33 and a twelve month high of $218.85. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of -18.50 and a beta of 1.32.

Cidara Therapeutics (NASDAQ:CDTX) last announced 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, analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Insider Buying and Selling at Cidara Therapeutics

In other news, insider Nicole Negar Davarpanah sold 474 shares of the business’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 transaction of $29,795.64. Following the sale, the insider directly owned 31,418 shares in the company, valued at approximately $1,974,935.48. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 7.64% of the company’s stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds have recently made changes to their positions in CDTX. Bain Capital Life Sciences Investors LLC boosted its position in shares of Cidara Therapeutics by 255.7% during the 2nd quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company’s stock valued at $121,808,000 after acquiring an additional 1,797,600 shares in the last quarter. Commodore Capital LP acquired a new stake in Cidara Therapeutics during the second quarter valued at approximately $57,234,000. Paradigm Biocapital Advisors LP bought a new stake in shares of Cidara Therapeutics in the 3rd quarter valued at approximately $92,041,000. Vivo Capital LLC raised its holdings in shares of Cidara Therapeutics by 91.7% in the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock worth $63,880,000 after buying an additional 627,149 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Cidara Therapeutics by 167.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 990,000 shares of the biotechnology company’s stock worth $21,325,000 after buying an additional 620,046 shares in the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.