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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) shares passed 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 traded.

Analyst Ratings Changes

Several brokerages have recently weighed in on CDTX. HC Wainwright reaffirmed a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a research report on Monday, November 11th. WBB Securities increased their target price on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They set an “outperform” rating and a $34.00 target price for the company. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, StockNews.com cut shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $32.20.

Cidara Therapeutics Price Performance

The stock’s fifty day simple moving average is $22.42 and its 200-day simple moving average is $16.25. The firm has a market cap of $164.48 million, a PE ratio of -0.91 and a beta of 0.94.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDTX. Geode Capital Management LLC raised its holdings in shares of Cidara Therapeutics by 22.7% in the third 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 during the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Cidara Therapeutics in the fourth quarter worth $670,000. Checkpoint Capital L.P. increased its stake in shares of Cidara Therapeutics by 25.5% in the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after acquiring an additional 37,009 shares during the period. Finally, RA Capital Management L.P. acquired a new stake in shares of Cidara Therapeutics in the third quarter worth $7,558,000. Hedge funds and other institutional investors 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.