Cidara Therapeutics, Inc. (CDTX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) from a buy rating to a hold rating in a research note published on Friday morning.

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 pipeline includes CD101 IV, a long-acting echinocandin antifungal, CD101 topical and C001 which are in different clinical trial. The company developed its product using Cloudbreak(TM) immunotherapy platform. Cidara Therapeutics, Inc. is headquartered in San Diego, California. “

Other analysts have also recently issued reports about the company. HC Wainwright began coverage on Cidara Therapeutics in a research note on Monday, December 19th. They issued a buy rating and a $25.00 price target for the company. Cantor Fitzgerald set a $20.00 price target on Cidara Therapeutics and gave the company a buy rating in a research note on Wednesday, January 4th. BTIG Research reaffirmed a positive rating and issued a $24.00 price target on shares of Cidara Therapeutics in a research note on Wednesday, January 4th. Leerink Swann began coverage on Cidara Therapeutics in a research note on Wednesday, December 21st. They issued an outperform rating and a $17.00 price target for the company. Finally, Wedbush reaffirmed an outperform rating and issued a $22.00 price target on shares of Cidara Therapeutics in a research note on Friday, November 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $18.94.

Analyst Recommendations for Cidara Therapeutics (NASDAQ:CDTX)

Shares of Cidara Therapeutics (NASDAQ:CDTX) traded down 1.48% during trading on Friday, reaching $10.00. 116,915 shares of the company traded hands. The stock’s 50 day moving average price is $10.62 and its 200-day moving average price is $10.92. The stock’s market cap is $166.73 million. Cidara Therapeutics has a 12 month low of $8.65 and a 12 month high of $17.07.

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Institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors increased its position in Cidara Therapeutics by 123.6% in the second quarter. BlackRock Fund Advisors now owns 275,247 shares of the biotechnology company’s stock worth $2,838,000 after buying an additional 152,122 shares during the period. Bridgeway Capital Management Inc. purchased a new position in Cidara Therapeutics during the second quarter worth $825,000. Tekla Capital Management LLC increased its position in Cidara Therapeutics by 82.7% in the second quarter. Tekla Capital Management LLC now owns 132,472 shares of the biotechnology company’s stock worth $1,366,000 after buying an additional 59,972 shares during the period. Perceptive Advisors LLC increased its position in Cidara Therapeutics by 6.7% in the second quarter. Perceptive Advisors LLC now owns 792,857 shares of the biotechnology company’s stock worth $8,174,000 after buying an additional 49,999 shares during the period. Finally, State Street Corp increased its position in Cidara Therapeutics by 115.7% in the second quarter. State Street Corp now owns 80,821 shares of the biotechnology company’s stock worth $833,000 after buying an additional 43,344 shares during the period. Institutional investors and hedge funds own 47.26% of the company’s stock.

About Cidara Therapeutics

Cidara Therapeutics, Inc, formerly K2 Therapeutics, Inc, is a clinical-stage biotechnology company. The Company is engaged in the discovery, development and commercialization of anti-infectives. It is developing a pipeline of product and development candidates with a focus on serious fungal infections.

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