Cidara Therapeutics' (CDTX) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

Key Points

• Cidara Therapeutics' stock has been reaffirmed with a "Sell (D-)" rating by Weiss Ratings, indicating ongoing concerns about the company's performance.
• The stock has experienced a significant drop of 3.6%, trading at $98.51, despite varying assessments from other analysts, which range from "buy" to "outperform."
• In recent insider trading, Nicole Negar Davarpanah sold 474 shares, decreasing their ownership by 1.49% while the company's market cap stands at $2.50 billion.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report)'s stock had its "sell (d-)" rating reissued by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim set a $167.00 price target on shares of Cidara Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Royal Bank Of Canada set a $137.00 price objective on shares of Cidara Therapeutics and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. HC Wainwright lifted their price objective on shares of Cidara Therapeutics from $74.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Citigroup reaffirmed an "outperform" rating on shares of Cidara Therapeutics in a research note on Wednesday, September 24th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Cidara Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $122.29.

Cidara Therapeutics Trading Down 3.6%

CDTX traded down $3.66 during trading hours on Wednesday, hitting $98.51. The company's stock had a trading volume of 844,899 shares, compared to its average volume of 1,225,160. The business's 50-day moving average price is $71.54 and its 200-day moving average price is $44.91. Cidara Therapeutics has a 12 month low of $10.14 and a 12 month high of $106.63. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -8.85 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share for the quarter, topping the consensus estimate of ($1.87) by $0.22. On average, analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Insider Activity

In related news, insider Nicole Negar Davarpanah sold 474 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $62.86, for a total value of $29,795.64. Following the completion of the sale, the insider directly owned 31,418 shares of the company's stock, valued at $1,974,935.48. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.89% of the company's stock.

Institutional Trading of Cidara Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its stake in Cidara Therapeutics by 66.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock worth $76,000 after acquiring an additional 623 shares during the period. Soleus Capital Management L.P. bought a new position in Cidara Therapeutics in the second quarter worth about $22,544,000. BNP Paribas Financial Markets raised its holdings in Cidara Therapeutics by 10,594.1% in the second quarter. BNP Paribas Financial Markets now owns 1,818 shares of the biotechnology company's stock worth $89,000 after purchasing an additional 1,801 shares in the last quarter. Bain Capital Life Sciences Investors LLC raised its holdings in Cidara Therapeutics by 255.7% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company's stock worth $121,808,000 after purchasing an additional 1,797,600 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Cidara Therapeutics in the second quarter worth about $5,709,000. 35.82% of the stock is owned by hedge funds and other 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.

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