Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Increases By 21.9%

Cidara Therapeutics, Inc. (NASDAQ:CDTX - Get Free Report) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 289,900 shares, a growth of 21.9% from the February 28th total of 237,800 shares. Currently, 4.2% of the company's shares are sold short. Based on an average daily trading volume, of 122,300 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Ratings Changes

A number of research firms have issued reports on CDTX. JMP Securities set a $46.00 price target on Cidara Therapeutics in a research report on Wednesday, March 12th. Citigroup initiated coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating for the company. Royal Bank of Canada started coverage on shares of Cidara Therapeutics in a research report on Friday, December 13th. They issued an "outperform" rating and a $34.00 price objective on the stock. Cantor Fitzgerald upgraded shares of Cidara Therapeutics to a "strong-buy" rating in a report on Wednesday, February 5th. Finally, Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $46.00 target price for the company. One research analyst has rated the stock with a sell rating, six have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cidara Therapeutics has a consensus rating of "Buy" and a consensus target price of $39.14.

Insider Activity

In related news, COO Shane Ward sold 1,664 shares of Cidara Therapeutics stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the transaction, the chief operating officer now owns 14,674 shares in the company, valued at approximately $322,241.04. The trade was a 10.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Leslie Tari sold 1,773 shares of the 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 $38,935.08. Following the sale, the insider now owns 16,215 shares in the company, valued at approximately $356,081.40. This trade represents a 9.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.64% of the company's stock.

Hedge Funds Weigh In On Cidara Therapeutics

A number of institutional investors have recently modified their holdings of CDTX. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics in the fourth quarter valued at $56,000. Point72 Asset Management L.P. acquired a new position in Cidara Therapeutics in the 4th quarter valued at about $165,000. OMERS ADMINISTRATION Corp purchased a new stake in Cidara Therapeutics during the 4th quarter valued at approximately $339,000. Jane Street Group LLC purchased a new stake in Cidara Therapeutics during the 4th quarter valued at approximately $342,000. Finally, Boothbay Fund Management LLC acquired a new stake in Cidara Therapeutics during the 4th quarter worth approximately $419,000. 35.82% of the stock is owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Performance

NASDAQ CDTX traded up $0.09 during trading hours on Monday, hitting $16.52. The company had a trading volume of 128,004 shares, compared to its average volume of 68,697. The business has a 50 day moving average of $21.62 and a 200-day moving average of $18.83. The company has a market cap of $180.94 million, a PE ratio of -0.65 and a beta of 0.89. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $28.42.

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

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.