Cidara Therapeutics (NASDAQ:CDTX) Shares Pass Above 50 Day Moving Average - Here's Why

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s share price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $31.92 and traded as high as $55.31. Cidara Therapeutics shares last traded at $51.49, with a volume of 701,554 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CDTX. HC Wainwright reissued a "buy" rating and issued a $53.00 price target (up from $41.00) on shares of Cidara Therapeutics in a research note on Monday, June 23rd. WBB Securities reaffirmed a "strong-buy" rating and issued a $45.00 price target on shares of Cidara Therapeutics in a research note on Monday, June 23rd. Cantor Fitzgerald reissued an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. JMP Securities reaffirmed a "market outperform" rating and issued a $59.00 target price on shares of Cidara Therapeutics in a research report on Monday, June 30th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Cidara Therapeutics in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cidara Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $57.29.

Cidara Therapeutics Stock Up 4.2%

The company's 50-day moving average is $32.58 and its two-hundred day moving average is $25.34. The company has a market cap of $1.10 billion, a P/E ratio of -1.85 and a beta of 1.14.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating analysts' consensus estimates of ($5.45) by $3.79. On average, analysts anticipate that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Insider Activity at Cidara Therapeutics

In related news, Director Ra Capital Management, L.P. purchased 2,272,727 shares of Cidara Therapeutics stock in a transaction dated Thursday, June 26th. The stock was bought at an average cost of $44.00 per share, for a total transaction of $99,999,988.00. Following the completion of the transaction, the director owned 3,365,523 shares in the company, valued at $148,083,012. This trade represents a 207.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.89% of the company's stock.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CDTX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cidara Therapeutics in the 4th quarter valued at about $56,000. Northern Trust Corp raised its stake in Cidara Therapeutics by 6.8% in the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after purchasing an additional 2,170 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Cidara Therapeutics during the fourth quarter valued at approximately $165,000. OMERS ADMINISTRATION Corp lifted its position in Cidara Therapeutics by 53.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock valued at $416,000 after purchasing an additional 6,700 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in Cidara Therapeutics in the 1st quarter worth approximately $224,000. 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.