Cidara Therapeutics (NASDAQ:CDTX) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s share price crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $220.52 and traded as high as $221.41. Cidara Therapeutics shares last traded at $221.38, with a volume of 2,691,000 shares trading hands.

Analyst Upgrades and Downgrades

CDTX has been the topic of a number of research analyst reports. JMP Securities set a $173.00 target price on shares of Cidara Therapeutics and gave the company a “market outperform” rating in a research note on Friday, October 3rd. HC Wainwright downgraded Cidara Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a research report on Wednesday, October 8th. Morgan Stanley lowered shares of Cidara Therapeutics from an “overweight” rating to an “equal weight” rating in a research report on Monday, November 17th. Finally, Citigroup reiterated a “market outperform” rating on shares of Cidara Therapeutics in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cidara Therapeutics presently has an average rating of “Hold” and a consensus target price of $156.11.

Cidara Therapeutics Stock Up 0.0%

The company has a market capitalization of $6.96 billion, a P/E ratio of -18.79 and a beta of 1.52. The company’s 50-day moving average is $220.52 and its two-hundred day moving average is $129.03.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.19) by ($0.24). On average, sell-side analysts predict that Cidara Therapeutics, Inc. will post -8.74 EPS for the current year.

Insider Activity at Cidara Therapeutics

In other Cidara Therapeutics news, COO Shane Ward sold 9,959 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $220.08, for a total transaction of $2,191,776.72. Following the transaction, the chief operating officer owned 25,033 shares in the company, valued at approximately $5,509,262.64. This represents a 28.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bain Capital Life Sciences Investors LLC increased its stake in Cidara Therapeutics by 255.7% during the second quarter. Bain Capital Life Sciences Investors LLC now owns 2,500,680 shares of the biotechnology company’s stock worth $121,808,000 after acquiring an additional 1,797,600 shares during the last quarter. Vivo Capital LLC lifted its stake in shares of Cidara Therapeutics by 91.7% in the 2nd quarter. Vivo Capital LLC now owns 1,311,425 shares of the biotechnology company’s stock valued at $63,880,000 after purchasing an additional 627,149 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Cidara Therapeutics during the 2nd quarter worth about $2,397,000. Geode Capital Management LLC increased its position in Cidara Therapeutics by 576.6% during the 2nd quarter. Geode Capital Management LLC now owns 372,010 shares of the biotechnology company’s stock worth $18,124,000 after purchasing an additional 317,027 shares in the last quarter. Finally, AlphaQuest LLC acquired a new stake in Cidara Therapeutics during the 2nd quarter worth approximately $239,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc is a clinical‐stage biotechnology company focused on the discovery and development of long‐acting anti‐infectives and immunotherapies to address life‐threatening fungal, viral and bacterial infections. The company’s core technology platforms, including its proprietary CD‐MONT and Cloudbreak platforms, are designed to create novel therapeutic candidates with extended half‐lives and differentiated mechanisms of action. By leveraging its expertise in macromolecular conjugates and immunotherapeutic design, Cidara seeks to offer new treatment options that can reduce dosing frequency and improve patient outcomes in critical care settings.

The company’s lead asset, rezafungin, is a once‐weekly intravenous echinocandin antifungal in late‐stage development for the prevention and treatment of invasive candidiasis and other serious fungal infections.