Cidara Therapeutics (NASDAQ:CDTX) Stock Price Crosses Above 50 Day Moving Average - What's Next?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $21.99 and traded as high as $22.44. Cidara Therapeutics shares last traded at $22.10, with a volume of 204,127 shares.

Analyst Ratings Changes

A number of brokerages recently issued reports on CDTX. JMP Securities reissued a "market outperform" rating and set a $47.00 price objective on shares of Cidara Therapeutics in a report on Monday, June 2nd. Citizens Jmp assumed coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $46.00 price target on the stock. Guggenheim increased their target price on shares of Cidara Therapeutics from $35.00 to $50.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Cidara Therapeutics in a research note on Tuesday, June 10th. Finally, Needham & Company LLC increased their target price on shares of Cidara Therapeutics from $35.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $42.86.

Cidara Therapeutics Price Performance

The business's 50 day moving average is $22.20 and its two-hundred day moving average is $22.01. The firm has a market capitalization of $263.80 million, a PE ratio of -0.71 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) earnings per share for the quarter, beating the consensus estimate of ($5.45) by $3.79. Analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Cidara Therapeutics

Large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics during the fourth quarter worth approximately $56,000. Northern Trust Corp raised its position in Cidara Therapeutics by 6.8% in the 4th 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. Point72 Asset Management L.P. purchased a new position in Cidara Therapeutics in the 4th quarter worth $165,000. OMERS ADMINISTRATION Corp raised its position in Cidara Therapeutics by 53.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 19,300 shares of the biotechnology company's stock worth $416,000 after purchasing an additional 6,700 shares during the period. Finally, American Century Companies Inc. purchased a new position in Cidara Therapeutics in the 1st quarter worth $224,000. Hedge funds and other institutional investors own 35.82% of the company's stock.

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.