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

Key Points

• Cidara Therapeutics' stock price surpassed its 50-day moving average of $58.07, reaching a high of $65.72 during Friday's trading session.
• Analysts maintain a positive outlook, with several firms reiterating ratings ranging from "strong-buy" to "buy," and an average target price of $64.14.
• Insider trading activity was noted as Director Ra Capital Management, L.P. acquired 2,272,727 shares, which significantly increased their ownership by nearly 208%.

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $58.07 and traded as high as $65.72. Cidara Therapeutics shares last traded at $65.39, with a volume of 188,319 shares.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CDTX shares. HC Wainwright reissued a "buy" rating and issued a $74.00 price target (up from $53.00) on shares of Cidara Therapeutics in a report on Friday, August 8th. Wall Street Zen raised Cidara Therapeutics to a "sell" rating in a research report on Saturday, May 10th. JMP Securities boosted their price target on Cidara Therapeutics from $59.00 to $66.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Cidara Therapeutics in a research report on Tuesday, June 24th. Finally, Guggenheim reissued a "buy" rating on shares of Cidara Therapeutics in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company's stock. Based on data from MarketBeat, Cidara Therapeutics currently has a consensus rating of "Buy" and an average price target of $64.14.

Cidara Therapeutics Price Performance

The stock has a market cap of $1.61 billion, a PE ratio of -5.70 and a beta of 1.29. The business has a fifty day moving average of $58.82 and a 200 day moving average of $34.98.

Cidara Therapeutics (NASDAQ:CDTX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.65) EPS for the quarter, beating analysts' consensus estimates of ($1.87) by $0.22. On average, equities research analysts expect that Cidara Therapeutics, Inc. will post -8.74 EPS for the current year.

Insider Buying and Selling

In other news, Director Ra Capital Management, L.P. bought 2,272,727 shares of Cidara Therapeutics stock in a transaction on Thursday, June 26th. The shares were bought at an average price of $44.00 per share, with a total value of $99,999,988.00. Following the acquisition, the director directly owned 3,365,523 shares in the company, valued at approximately $148,083,012. This represents a 207.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Amalgamated Bank bought a new position in Cidara Therapeutics during the 2nd quarter worth approximately $28,000. Tower Research Capital LLC TRC lifted its holdings in Cidara Therapeutics by 66.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,556 shares of the biotechnology company's stock worth $76,000 after buying an additional 623 shares during the last quarter. Trifecta Capital Advisors LLC bought a new position in Cidara Therapeutics during the 2nd quarter worth approximately $49,000. California State Teachers Retirement System bought a new position in Cidara Therapeutics during the 2nd quarter worth approximately $51,000. Finally, Legal & General Group Plc bought a new position in Cidara Therapeutics during the 2nd quarter worth approximately $73,000. 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.