Cidara Therapeutics (NASDAQ:CDTX) Stock Passes Above Fifty Day Moving Average - Should You Sell?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty 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 traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 10th. Citigroup began coverage on Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating on the stock. Citizens Jmp initiated coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $46.00 price objective for the company. Royal Bank Of Canada reiterated an "outperform" rating and issued a $35.00 target price (up previously from $31.00) on shares of Cidara Therapeutics in a research report on Friday, May 23rd. Finally, Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research note on Saturday, May 10th. 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 stock. According to data from MarketBeat, Cidara Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $42.86.

Cidara Therapeutics Trading Down 3.6%

The stock has a fifty day simple moving average of $21.99 and a two-hundred day simple moving average of $21.96. The firm has a market cap of $267.44 million, a PE ratio of -0.72 and a beta of 0.79.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($1.66) EPS for the quarter, topping the consensus estimate of ($5.45) by $3.79. As a group, sell-side analysts predict that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cidara Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CDTX. ADAR1 Capital Management LLC bought a new position in Cidara Therapeutics in the fourth quarter worth $670,000. Vivo Capital LLC purchased a new stake in shares of Cidara Therapeutics in the 4th quarter worth about $18,026,000. Adage Capital Partners GP L.L.C. increased its stake in shares of Cidara Therapeutics by 765.3% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 369,954 shares of the biotechnology company's stock worth $9,944,000 after acquiring an additional 327,199 shares in the last quarter. Boothbay Fund Management LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter worth about $419,000. Finally, Northern Trust Corp lifted its position in Cidara Therapeutics by 6.8% during the 4th quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company's stock valued at $913,000 after acquiring an additional 2,170 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.