Cidara Therapeutics (NASDAQ:CDTX) Stock Price Crosses Above 50 Day Moving Average – Time to Sell?

Cidara Therapeutics, Inc. (NASDAQ:CDTX) crossed 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CDTX. StockNews.com lowered Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Guggenheim began coverage on shares of Cidara Therapeutics in a research note on Friday, November 8th. They issued a “buy” rating and a $33.00 price objective for the company. Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They issued an “outperform” rating and a $34.00 target price on the stock. WBB Securities raised 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. Finally, HC Wainwright reissued a “buy” rating and issued a $24.00 target price on shares of Cidara Therapeutics in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Cidara Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Cidara Therapeutics Price Performance

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

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CDTX. Checkpoint Capital L.P. raised its holdings in shares of Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after acquiring an additional 37,009 shares in the last quarter. RA Capital Management L.P. purchased a new position in Cidara Therapeutics during the 3rd quarter valued at $7,558,000. Finally, Geode Capital Management LLC raised its holdings in Cidara Therapeutics by 22.7% in the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after purchasing an additional 9,771 shares in the last quarter. 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.