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Shane Ward, the Chief Operating Officer and Chief Legal Officer of Cidara Therapeutics, Inc. (NASDAQ:CDTX), recently executed a sale of common stock. According to a Form 4 filing with the Securities and Exchange Commission, Ward sold 1,664 shares on March 11, 2025. The shares were sold at a weighted average price of $21.9604, resulting in a total transaction value of $36,542. The transaction comes as CDTX trades near $22.36, having delivered an impressive 68% return over the past year. InvestingPro analysis shows analyst price targets ranging from $33 to $46, suggesting potential upside.
The sale was conducted to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). This transaction was not a discretionary sale by Ward but was necessary to fulfill tax obligations. Following this transaction, Ward holds 14,674 shares of the company.
The shares were sold at prices ranging from $21.93 to $22.37. The filing also notes that the shares owned by Ward have been adjusted to reflect a 1-for-20 reverse stock split conducted by Cidara Therapeutics in April 2024.
In other recent news, Cidara Therapeutics reported a significant increase in its fourth-quarter net loss, amounting to $52.3 million, compared to a $3.2 million loss in the same period last year. This wider loss is attributed to increased research and development expenses, particularly those related to the Phase 2b NAVIGATE trial for its lead drug candidate, CD388, aimed at preventing influenza. The company did not report any collaboration revenue for the quarter, a decline from $2.8 million in the previous year.
In related developments, H.C. Wainwright analyst Ed Arce raised the price target for Cidara’s shares to $35, maintaining a Buy rating. This adjustment follows the company’s announcement of an anticipated early top-line analysis of the NAVIGATE study, which completed full enrollment in December 2024. The study is designed to evaluate the efficacy of CD388 during the 2024-25 influenza season, with potential for a Phase 3 study in the 2025-26 season.
Additionally, Citizens JMP initiated coverage on Cidara with a Market Outperform rating and a $46 price target, citing the potential of CD388 and its innovative drug-Fc conjugate platform. The analyst noted the drug’s potential benefits for immunocompromised individuals who have low vaccine responsiveness. Cidara concluded 2024 with $196.2 million in cash, supported by recent financing activities, including a $240 million raise in April and an additional $105 million from a private placement in November.
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