Cidara Therapeutics (NASDAQ:CDTX) Stock Price Crosses Above Fifty Day Moving Average – What’s Next?

Cidara Therapeutics, Inc. (NASDAQ:CDTX) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $21.53 and traded as high as $22.68. Cidara Therapeutics shares last traded at $22.18, with a volume of 82,659 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CDTX shares. Guggenheim assumed coverage on shares of Cidara Therapeutics in a research note on Friday, November 8th. They issued a “buy” rating and a $33.00 price target on the stock. Royal Bank of Canada started coverage on Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 target price on the stock. WBB Securities increased their price target on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a report on Thursday, December 5th. HC Wainwright reissued a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research note on Monday, November 11th. Finally, StockNews.com downgraded Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.20.

Cidara Therapeutics Stock Performance

The stock’s 50-day moving average is $21.53 and its two-hundred day moving average is $15.30. The stock has a market cap of $156.30 million, a PE ratio of -0.87 and a beta of 0.98.

Hedge Funds Weigh In On Cidara Therapeutics

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Cidara Therapeutics by 22.7% during 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 period. RA Capital Management L.P. acquired a new position in Cidara Therapeutics during the 3rd quarter worth approximately $7,558,000. Finally, Checkpoint Capital L.P. increased its position in shares of Cidara Therapeutics by 25.5% in the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after purchasing an additional 37,009 shares during the last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

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.