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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 289,900 shares, an increase of 21.9% from the February 28th total of 237,800 shares. Based on an average daily volume of 122,300 shares, the short-interest ratio is currently 2.4 days. Approximately 4.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CDTX. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a research report on Wednesday, February 5th. WBB Securities lifted 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. 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 target price for the company. Citigroup assumed coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating on the stock. Finally, JMP Securities set a $46.00 price objective on Cidara Therapeutics in a report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $39.14.

Insider Activity at Cidara Therapeutics

In other news, COO Shane Ward sold 1,664 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 $36,541.44. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leslie Tari sold 1,773 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction 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 position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Cidara Therapeutics during the 4th quarter worth $56,000. Northern Trust Corp increased its stake in shares of Cidara Therapeutics by 6.8% in the fourth quarter. Northern Trust Corp now owns 33,957 shares of the biotechnology company’s stock worth $913,000 after purchasing an additional 2,170 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Cidara Therapeutics during the 4th quarter worth about $165,000. Geode Capital Management LLC grew its holdings in 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 buying an additional 9,771 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Cidara Therapeutics in the 4th quarter worth approximately $339,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Stock Performance

Shares of NASDAQ CDTX traded down $0.18 during mid-day trading on Wednesday, reaching $18.74. The company had a trading volume of 56,797 shares, compared to its average volume of 123,727. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $28.42. The company has a market capitalization of $205.26 million, a price-to-earnings ratio of -0.73 and a beta of 0.88. The stock has a fifty day moving average of $21.83 and a two-hundred day moving average of $18.70.

Cidara Therapeutics (NASDAQ:CDTX) last released its quarterly earnings data on Thursday, March 6th. The biotechnology company reported ($5.38) 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 forecast that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

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.