Cidara Therapeutics (NASDAQ:CDTX) Shares Gap Down - Time to Sell?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $46.84, but opened at $43.68. Cidara Therapeutics shares last traded at $48.80, with a volume of 712,537 shares.

Wall Street Analysts Forecast Growth

CDTX has been the topic of several recent analyst reports. WBB Securities reiterated a "strong-buy" rating and issued a $45.00 target price on shares of Cidara Therapeutics in a research note on Monday. Cantor Fitzgerald restated an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Needham & Company LLC upped their target price on Cidara Therapeutics from $36.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday. Citizens Jmp assumed coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price target for the company. Finally, Wall Street Zen upgraded shares of Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cidara Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $53.71.

Cidara Therapeutics Trading Down 2.6%

The company has a market capitalization of $602.78 million, a PE ratio of -1.63 and a beta of 0.79. The stock has a fifty day moving average of $24.44 and a two-hundred day moving average of $22.70.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, topping analysts' consensus estimates of ($5.45) by $3.79. Equities analysts forecast that Cidara Therapeutics, Inc. will post -8.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. ADAR1 Capital Management LLC purchased a new stake in Cidara Therapeutics during the 4th quarter valued at about $670,000. Vivo Capital LLC bought a new stake in Cidara Therapeutics in the fourth quarter valued at approximately $18,026,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Cidara Therapeutics by 765.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company's stock valued at $9,944,000 after purchasing an additional 327,199 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of Cidara Therapeutics during the fourth quarter valued at approximately $419,000. Finally, Northern Trust Corp grew its holdings in shares of Cidara Therapeutics by 6.8% in the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock worth $913,000 after purchasing an additional 2,170 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.