Cidara Therapeutics (NASDAQ:CDTX) Stock Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• Cidara Therapeutics (NASDAQ: CDTX) shares recently crossed above their 50-day moving average, trading as high as $99.25, which is significant for technical analysis.
• Analysts provide a positive outlook with a consensus rating of "Moderate Buy" and an average price target of $151.33, suggesting considerable growth potential.
• Insider activity reported that an executive sold shares at an average price of $62.86, demonstrating some level of insider trading amidst a generally favorable analyst sentiment.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $80.98 and traded as high as $99.25. Cidara Therapeutics shares last traded at $96.16, with a volume of 858,420 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Morgan Stanley assumed coverage on Cidara Therapeutics in a research note on Thursday, October 16th. They set an "overweight" rating and a $190.00 price target for the company. Guggenheim set a $167.00 target price on Cidara Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Citigroup reissued a "market outperform" rating on shares of Cidara Therapeutics in a research note on Tuesday. WBB Securities upped their price target on shares of Cidara Therapeutics from $123.00 to $199.00 and gave the stock a "strong-buy" rating in a report on Thursday, October 9th. Finally, Royal Bank Of Canada set a $137.00 price objective on shares of Cidara Therapeutics and gave the company an "outperform" rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $151.33.

Cidara Therapeutics Stock Down 3.2%

The firm has a 50 day moving average price of $80.98 and a 200 day moving average price of $51.39. The stock has a market cap of $2.44 billion, a PE ratio of -8.64 and a beta of 1.33.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.87) by $0.22. Equities analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Activity

In related news, insider Nicole Negar Davarpanah sold 474 shares of Cidara Therapeutics stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $62.86, for a total transaction of $29,795.64. Following the transaction, the insider directly owned 31,418 shares of the company's stock, valued at $1,974,935.48. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.89% of the company's stock.

Institutional Trading of Cidara Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CDTX. West Michigan Advisors LLC bought a new position in shares of Cidara Therapeutics in the 1st quarter worth $291,000. Vivo Capital LLC grew its stake in Cidara Therapeutics by 2.0% in the first quarter. Vivo Capital LLC now owns 684,276 shares of the biotechnology company's stock valued at $14,739,000 after purchasing an additional 13,676 shares during the last quarter. Aberdeen Group plc bought a new position in Cidara Therapeutics in the first quarter worth about $2,604,000. American Century Companies Inc. purchased a new stake in shares of Cidara Therapeutics during the first quarter valued at about $224,000. Finally, OMERS ADMINISTRATION Corp lifted its position in shares of 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 buying an additional 6,700 shares during the last quarter. 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.

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