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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 36,100 shares, a decline of 31.6% from the November 30th total of 52,800 shares. Based on an average daily volume of 45,100 shares, the days-to-cover ratio is presently 0.8 days. Currently, 1.2% of the company’s shares are sold short.

Cidara Therapeutics Trading Up 6.6 %

CDTX stock traded up $1.56 during midday trading on Monday, reaching $25.25. The company had a trading volume of 116,685 shares, compared to its average volume of 43,746. The company has a market capitalization of $177.94 million, a P/E ratio of -0.99 and a beta of 1.13. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $25.32. The company has a 50 day moving average of $17.64 and a two-hundred day moving average of $13.86.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CDTX. Geode Capital Management LLC lifted 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 during the last quarter. RA Capital Management L.P. acquired a new position in Cidara Therapeutics during the third quarter valued at approximately $7,558,000. Finally, Checkpoint Capital L.P. boosted its holdings 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 acquiring an additional 37,009 shares during the period. 35.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDTX has been the topic of a number of analyst reports. Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price objective on the stock. StockNews.com cut Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Guggenheim initiated coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They issued a “buy” rating and a $33.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research note on Monday, November 11th. Finally, WBB Securities boosted their price objective on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

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.