Cidara Therapeutics (NASDAQ:CDTX) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $21.99 and traded as high as $22.44. Cidara Therapeutics shares last traded at $22.10, with a volume of 204,127 shares.

Analyst Upgrades and Downgrades

CDTX has been the topic of several research analyst reports. Guggenheim raised their target price on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Wall Street Zen raised shares of Cidara Therapeutics to a “sell” rating in a research report on Saturday, May 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Citigroup initiated coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $35.00 price target (up from $31.00) on shares of Cidara Therapeutics in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Cidara Therapeutics Price Performance

The stock has a market capitalization of $277.36 million, a price-to-earnings ratio of -0.75 and a beta of 0.79. The business’s 50-day simple moving average is $21.99 and its two-hundred day simple moving average is $21.96.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($5.45) by $3.79. As a group, sell-side analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current year.

Institutional Trading of Cidara Therapeutics

Hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cidara Therapeutics during the fourth quarter valued at approximately $56,000. Point72 Asset Management L.P. purchased a new stake in shares of Cidara Therapeutics during the fourth quarter valued at approximately $165,000. American Century Companies Inc. purchased a new stake in shares of Cidara Therapeutics during the first quarter valued at approximately $224,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Cidara Therapeutics during the fourth quarter valued at approximately $339,000. Finally, Jane Street Group LLC purchased a new stake in shares of Cidara Therapeutics during the fourth quarter valued at approximately $342,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

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.