Cidara Therapeutics (NASDAQ:CDTX) Share Price Crosses Above 50-Day Moving Average - Should You Sell?

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report)'s share price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $22.42 and traded as high as $24.99. Cidara Therapeutics shares last traded at $23.33, with a volume of 126,608 shares changing hands.

Analyst Upgrades and Downgrades

CDTX has been the topic of several research reports. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a "strong-buy" rating in a research report on Wednesday, February 5th. HC Wainwright restated a "buy" rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday, November 11th. Royal Bank of Canada initiated coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They set an "outperform" rating and a $34.00 price objective on the stock. WBB Securities raised their price objective on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a "strong-buy" rating in a research report on Thursday, December 5th. Finally, Guggenheim initiated coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They set a "buy" rating and a $33.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $32.20.

Cidara Therapeutics Stock Performance

The company has a market cap of $168.78 million, a PE ratio of -0.94 and a beta of 0.94. The business's 50-day moving average is $22.45 and its 200 day moving average is $16.45.

Hedge Funds Weigh In On Cidara Therapeutics

Large investors have recently added to or reduced their stakes in the business. BVF Inc. IL grew its holdings in Cidara Therapeutics by 55.4% in the 4th quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after acquiring an additional 389,731 shares during the last quarter. RA Capital Management L.P. grew its holdings in Cidara Therapeutics by 55.4% in the 4th quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company's stock worth $29,374,000 after acquiring an additional 389,716 shares during the last quarter. TCG Crossover Management LLC bought a new stake in Cidara Therapeutics in the 4th quarter worth $26,092,000. VR Adviser LLC bought a new stake in Cidara Therapeutics in the 4th quarter worth $20,583,000. Finally, Vivo Capital LLC bought a new stake in Cidara Therapeutics in the 4th quarter worth $18,026,000. 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.