Cidara Therapeutics (NASDAQ:CDTX) Shares Cross Above Fifty Day Moving Average – What’s Next?

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s stock price crossed 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.

Analysts Set New Price Targets

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

Cidara Therapeutics Price Performance

The stock’s 50-day simple moving average is $22.42 and its 200 day simple moving average is $16.32. The stock has a market capitalization of $168.78 million, a P/E ratio of -0.94 and a beta of 0.94.

Hedge Funds Weigh In On Cidara Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in Cidara Therapeutics during the fourth quarter worth $342,000. Boothbay Fund Management LLC bought a new position in Cidara Therapeutics during the fourth quarter worth $419,000. ADAR1 Capital Management LLC bought a new position in Cidara Therapeutics during the fourth quarter worth $670,000. Northern Trust Corp boosted its position in Cidara Therapeutics by 6.8% during the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after purchasing an additional 2,170 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its position in Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock worth $1,332,000 after purchasing an additional 30,057 shares during the period. 35.82% of the stock is 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.