Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Update

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

Insider Activity

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

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cidara Therapeutics in the fourth quarter valued at about $56,000. Northern Trust Corp increased its holdings in Cidara Therapeutics by 6.8% during the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock valued at $913,000 after buying an additional 2,170 shares during the period. Point72 Asset Management L.P. purchased a new stake in Cidara Therapeutics during the fourth quarter worth $165,000. Geode Capital Management LLC boosted its position in Cidara Therapeutics by 22.7% during the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after acquiring an additional 9,771 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Cidara Therapeutics in the 4th quarter valued at $339,000. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Trading Up 3.3 %

Shares of NASDAQ CDTX traded up $0.73 during mid-day trading on Tuesday, reaching $23.00. The company had a trading volume of 38,951 shares, compared to its average volume of 61,020. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $28.42. The business’s 50-day moving average is $21.99 and its 200-day moving average is $17.90. The stock has a market cap of $251.92 million, a price-to-earnings ratio of -0.90 and a beta of 0.88.

Cidara Therapeutics (NASDAQ:CDTX) last posted 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 research analysts forecast that Cidara Therapeutics will post -8.74 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. HC Wainwright increased their price objective on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Cidara Therapeutics in a research note on Friday, March 7th. Royal Bank of Canada assumed coverage on Cidara Therapeutics in a report on Friday, December 13th. They issued an “outperform” rating and a $34.00 price objective for the company. Citigroup assumed coverage on Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating for the company. Finally, Citizens Jmp initiated coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $39.14.

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.