Cidara Therapeutics (NASDAQ:CDTX) Shares Cross Above Fifty Day Moving Average – What’s Next?

Shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $22.42 and traded as high as $24.99. Cidara Therapeutics shares last traded at $23.33, with a volume of 126,608 shares.

Wall Street Analyst Weigh In

CDTX has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $24.00 target price on shares of Cidara Therapeutics in a research report on Monday, November 11th. Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price target on the stock. WBB Securities lifted their price target on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, December 5th. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Finally, Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $32.20.

Cidara Therapeutics Stock Performance

The company’s 50 day moving average price is $22.42 and its 200 day moving average price is $16.32. The company has a market cap of $168.78 million, a price-to-earnings ratio of -0.94 and a beta of 0.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDTX. Jane Street Group LLC acquired a new position in Cidara Therapeutics during the 4th quarter worth about $342,000. Boothbay Fund Management LLC acquired a new position in Cidara Therapeutics during the 4th quarter worth about $419,000. Geode Capital Management LLC lifted its position in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in Cidara Therapeutics during the 4th quarter worth about $670,000. Finally, Northern Trust Corp lifted its position in Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after buying an additional 2,170 shares in the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.