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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $19.94 and traded as high as $27.60. Cidara Therapeutics shares last traded at $24.88, with a volume of 231,577 shares trading hands.

Analysts Set New Price Targets

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

Cidara Therapeutics Stock Performance

The firm has a market capitalization of $175.33 million, a P/E ratio of -0.97 and a beta of 0.98. The stock has a 50 day moving average of $19.94 and a 200-day moving average of $14.63.

Institutional Trading of Cidara Therapeutics

A number of institutional investors have recently modified their holdings of the business. Checkpoint Capital L.P. boosted its holdings 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. RA Capital Management L.P. purchased a new position in Cidara Therapeutics during the 3rd quarter valued at about $7,558,000. Finally, Geode Capital Management LLC increased its position 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 valued at $569,000 after buying an additional 9,771 shares during the period. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

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.