Cidara Therapeutics (NASDAQ:CDTX) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

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

Analyst Upgrades and Downgrades

CDTX has been the subject of a number of research reports. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Royal Bank of Canada assumed coverage on Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $24.00 target price on shares of Cidara Therapeutics in a research note on Monday, November 11th. Guggenheim started coverage on Cidara Therapeutics in a research report on Friday, November 8th. They set a “buy” rating and a $33.00 price target for the company. Finally, WBB Securities upped their price objective on Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, December 5th. One research 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Cidara Therapeutics Stock Performance

The firm has a market capitalization of $156.30 million, a price-to-earnings ratio of -0.87 and a beta of 0.98. The company has a 50 day moving average price of $21.53 and a two-hundred day moving average price of $15.30.

Hedge Funds Weigh In On Cidara Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Cidara Therapeutics by 22.7% during 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 during the last quarter. 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 during the last quarter. Finally, RA Capital Management L.P. purchased a new position in shares of Cidara Therapeutics in the third quarter valued at approximately $7,558,000. 35.82% of the stock is 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.