Cidara Therapeutics, Inc. (NASDAQ:CDTX) is one of the stocks that are grabbing investor focus today: sinking -4.39% or (-0.09 points) to $1.96 from its previous close of $2.05. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 121745 contracts so far this session. CDTX shares had a relatively better volume day versus average trading capacity of 97.63 million shares, but with a 25.03 million float and a -3.76% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CDTX stock indicates that the average analyst price target is $11 per share. This means the stock has a potential increase of 461.22% from where the CDTX share price has been trading recently which is between $2 and $2.09. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $7.
The shorts are running away from Cidara Therapeutics, Inc. (CDTX) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in CDTX shares. While short interest still represents only 3.15% of CDTX’s float, the number of shares shorted have fallen by -18082. The number of shares shorted fell to 770849 shares, down from 788931 shares during the preceding fortnight. With average daily trading volumes at 119674 shares, days to cover increased to about 5.945267 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Cidara Therapeutics: 1Q Earnings Snapshot” and dated May 09, 2019.
During the recent trading session for Cidara Therapeutics, Inc. (NASDAQ:CDTX), the company witnessed their stock drop by $-0.15 over a week and tumble down $-0.42 from the price 20 days ago. When compared to their established 52-week high of $6.35, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/29/18. The recent low of $1.92 stood for a -69.13% since 05/17/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.1 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Cidara Therapeutics, Inc., the two-week RSI stands at 32.48. This figure suggests that CDTX stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CDTX readings is similarly very revealing as it has a stochastic reading of 17.86% at this stage. This figure means that CDTX share price today is being overbought.
Technical chart claims that Cidara Therapeutics, Inc. (CDTX) would settle between $2.09/share to $2.14/share level. However, if the stock price goes below the $2 mark, then the market for Cidara Therapeutics, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $1.96 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.09. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Citigroup, assumed coverage of CDTX assigning Buy rating, according to their opinion released on July 26. Raymond James, analysts launched coverage of Cidara Therapeutics, Inc. (NASDAQ:CDTX) stock with a Strong Buy recommendation, according to their flash note issued to investors on April 21. Analysts at H.C. Wainwright are sticking to their Buy stance. However, on April 17, they lifted price target for these shares to $14 from $18.
CDTX equity has an average rating of 1.5, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 4 analysts rated Cidara Therapeutics, Inc. (NASDAQ:CDTX) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.