Cidara Therapeutics (NASDAQ:CDTX) Rating Upgraded to Maintain Zacks Investment Research


Cidara Therapeutics (NASDAQ:CDTX – Get Note) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released Friday, Zacks.com reports.

According to Zacks, “Cidara Therapeutics, Inc. is a biotechnology company. The company is focused on the discovery, development and commercialization of novel anti-infectives. Its product portfolio includes CD101 IV, a long-acting echinocandin antifungal, topical CD101 and C001 which are undergoing various clinical trials. The company developed its product using the Cloudbreak(TM) immunotherapy platform. Cidara Therapeutics, Inc. is headquartered in San Diego, California. “

Several other stock analysts have also published reports on the company. HC Wainwright reduced its price target on Cidara Therapeutics from $7.50 to $6.00 in a Thursday, May 12 research report. Needham & Company LLC restated a “buy” rating and set a $6.00 price target on Cidara Therapeutics shares in a Tuesday, March 8 research report. Aegis reaffirmed a “buy” rating on Cidara Therapeutics shares in a Wednesday, March 16 research report. Finally, StockNews.com began covering Cidara Therapeutics in a Sunday, May 29 report. They issued a “holding” rating for the company. Two research analysts gave the stock a hold rating, four gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat.com, Cidara Therapeutics currently has a consensus rating of “Buy” and an average price target of $5.50.

CDTX remained stable at $0.43 on Friday. The company had a trading volume of 256,754 shares, compared to an average volume of 300,922. The stock’s 50-day moving average price is $0.69 and its two-hundred-day moving average price is 0. $93. Cidara Therapeutics has a fifty-two-week low of $0.41 and a fifty-two-week high of $2.39. The company has a market capitalization of $29.67 million, a PE ratio of -0.60 and a beta of 1.37.

Cidara Therapeutics (NASDAQ:CDTX – Get Rating) last reported quarterly results on Wednesday, May 11. The biotech company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.01. Cidara Therapeutics posted a negative return on equity of 430.97% and a negative net margin of 81.71%. Equity research analysts expect Cidara Therapeutics to post -1.01 earnings per share for the current year.

Several institutional investors and hedge funds have recently increased or reduced their stake in CDTX. Geode Capital Management LLC increased its stake in Cidara Therapeutics shares by 4.8% in Q3. Geode Capital Management LLC now owns 381,618 shares of the biotech company valued at $854,000 after purchasing an additional 17,456 shares during the period. Renaissance Technologies LLC increased its stake in Cidara Therapeutics shares by 7.1% in Q3. Renaissance Technologies LLC now owns 1,120,261 shares of the biotech company valued at $2,509,000 after purchasing an additional 73,958 shares during the period. Dimensional Fund Advisors LP bought a new stock position in Cidara Therapeutics in Q3 valued at around $28,000. Marshall Wace LLP purchased a new position in Cidara Therapeutics during Q3 valued at approximately $412,000. Finally, BVF Inc. IL increased its position in Cidara Therapeutics by 9.9% during the 3rd quarter. BVF Inc. IL now owns 4,776,904 shares of the biotech company valued at $10,700,000 after buying an additional 430,000 shares last quarter. Institutional investors hold 58.20% of the company’s shares.

Cidara Therapeutics Company Profile (Get a rating)

Cidara Therapeutics, Inc, a biotechnology company, is focused on the discovery, development and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The Company’s lead product candidate is rezafungin acetate, a novel molecule in the class of echinocandin 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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