Cidara Therapeutics, Inc. (NASDAQ:CDTX) Sees Large Increase in Short Interest

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 237,800 shares, a growth of 30.7% from the February 13th total of 182,000 shares. Approximately 3.5% of the company’s stock are short sold. Based on an average daily volume of 100,100 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CDTX. Citizens Jmp began coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price target on the stock. HC Wainwright upped their price objective on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a report on Monday, March 10th. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Royal Bank of Canada initiated coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, JMP Securities set a $46.00 price objective on shares of Cidara Therapeutics in a report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $39.14.

Cidara Therapeutics Trading Up 3.3 %

Shares of Cidara Therapeutics stock traded up $0.73 during trading on Tuesday, hitting $23.00. The stock had a trading volume of 38,951 shares, compared to its average volume of 61,020. Cidara Therapeutics has a 12 month low of $10.00 and a 12 month high of $28.42. The firm has a market cap of $251.92 million, a price-to-earnings ratio of -0.90 and a beta of 0.88. The business’s 50-day moving average is $21.99 and its 200 day moving average is $17.90.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. As a group, equities analysts expect that Cidara Therapeutics will post -8.74 EPS for the current year.

Insiders Place Their Bets

In other Cidara Therapeutics news, insider Leslie Tari sold 1,773 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $38,935.08. Following the transaction, the insider now directly owns 16,215 shares in the company, valued at $356,081.40. The trade was a 9.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Shane Ward sold 1,664 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. The trade was a 10.18 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of Cidara Therapeutics by 22.7% in the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares in the last quarter. RA Capital Management L.P. purchased a new stake in Cidara Therapeutics during the third quarter valued at about $7,558,000. Checkpoint Capital L.P. boosted its position in Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after buying an additional 37,009 shares during the period. Stempoint Capital LP bought a new position in shares of Cidara Therapeutics during the fourth quarter valued at about $1,281,000. Finally, Schonfeld Strategic Advisors LLC grew its stake in shares of Cidara Therapeutics by 154.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,557 shares of the biotechnology company’s stock valued at $1,332,000 after buying an additional 30,057 shares during the last quarter. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Company Profile

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.