Cidara Therapeutics (NASDAQ:CDTX) Shares Pass Above Fifty Day Moving Average – Here’s What Happened

Cidara Therapeutics, Inc. (NASDAQ:CDTX)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $220.52 and traded as high as $221.41. Cidara Therapeutics shares last traded at $221.38, with a volume of 2,691,000 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CDTX shares. JMP Securities set a $173.00 target price on shares of Cidara Therapeutics and gave the company a “market outperform” rating in a research note on Friday, October 3rd. Royal Bank Of Canada downgraded Cidara Therapeutics from an “outperform” rating to a “sector perform” rating in a research note on Monday, November 17th. Citigroup reaffirmed a “market outperform” rating on shares of Cidara Therapeutics in a research report on Tuesday, October 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cidara Therapeutics in a report on Wednesday, October 8th. Finally, WBB Securities boosted their price target on Cidara Therapeutics from $123.00 to $199.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $156.11.

Cidara Therapeutics Stock Performance

The firm has a market cap of $6.96 billion, a PE ratio of -18.79 and a beta of 1.52. The stock has a 50 day simple moving average of $220.52 and a two-hundred day simple moving average of $128.49.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.19) by ($0.24). Equities research analysts forecast that Cidara Therapeutics, Inc. will post -8.74 earnings per share for the current year.

Insider Activity

In related news, COO Shane Ward sold 9,959 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $220.08, for a total transaction of $2,191,776.72. Following the sale, the chief operating officer directly owned 25,033 shares of the company’s stock, valued at approximately $5,509,262.64. This represents a 28.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Palumbo Wealth Management LLC raised its stake in shares of Cidara Therapeutics by 17.7% in the fourth quarter. Palumbo Wealth Management LLC now owns 3,283 shares of the biotechnology company’s stock valued at $725,000 after acquiring an additional 494 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Cidara Therapeutics in the 4th quarter valued at about $32,146,000. CIBRA Capital Ltd acquired a new position in shares of Cidara Therapeutics during the fourth quarter worth about $4,134,000. SG Americas Securities LLC increased its stake in shares of Cidara Therapeutics by 223.5% during the fourth quarter. SG Americas Securities LLC now owns 5,257 shares of the biotechnology company’s stock worth $1,161,000 after buying an additional 3,632 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Cidara Therapeutics by 285.7% during the third quarter. JPMorgan Chase & Co. now owns 30,671 shares of the biotechnology company’s stock worth $2,937,000 after buying an additional 22,718 shares during the period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc is a clinical‐stage biotechnology company focused on the discovery and development of long‐acting anti‐infectives and immunotherapies to address life‐threatening fungal, viral and bacterial infections. The company’s core technology platforms, including its proprietary CD‐MONT and Cloudbreak platforms, are designed to create novel therapeutic candidates with extended half‐lives and differentiated mechanisms of action. By leveraging its expertise in macromolecular conjugates and immunotherapeutic design, Cidara seeks to offer new treatment options that can reduce dosing frequency and improve patient outcomes in critical care settings.

The company’s lead asset, rezafungin, is a once‐weekly intravenous echinocandin antifungal in late‐stage development for the prevention and treatment of invasive candidiasis and other serious fungal infections.