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

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $11.59 and traded as low as $11.07. Cidara Therapeutics shares last traded at $11.22, with a volume of 16,728 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CDTX shares. HC Wainwright restated a “buy” rating and set a $24.00 price target on shares of Cidara Therapeutics in a report on Monday, September 16th. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a report on Wednesday, August 14th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Cidara Therapeutics in a report on Wednesday, August 14th. Finally, StockNews.com upgraded Cidara Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $29.67.

Cidara Therapeutics Stock Down 0.4 %

The stock has a 50 day moving average of $11.59 and a 200 day moving average of $12.44. The company has a market capitalization of $51.19 million, a price-to-earnings ratio of -1.46 and a beta of 1.03.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) EPS for the quarter, topping analysts’ consensus estimates of ($3.94) by $1.89. The company had revenue of $0.30 million for the quarter. Cidara Therapeutics had a negative return on equity of 109.89% and a negative net margin of 289.05%. As a group, sell-side analysts anticipate that Cidara Therapeutics, Inc. will post -12.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. increased its stake in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 163,000 shares of the biotechnology company’s stock after acquiring an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 at the end of the most recent reporting period. 35.82% of the stock is currently owned by 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.