Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Increases By 30.7%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a large growth in short interest during the month of 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 shares are sold short. Based on an average trading volume of 100,100 shares, the days-to-cover ratio is currently 2.4 days.

Cidara Therapeutics Stock Performance

NASDAQ CDTX opened at $22.75 on Wednesday. The company has a market capitalization of $249.18 million, a price-to-earnings ratio of -0.89 and a beta of 0.88. The company’s 50-day simple moving average is $21.90 and its two-hundred day simple moving average is $17.98. Cidara Therapeutics has a one year low of $10.00 and a one year high of $28.42.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data 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%. Equities analysts expect that Cidara Therapeutics will post -8.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDTX has been the topic of several recent analyst reports. HC Wainwright raised their price target on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. JMP Securities set a $46.00 price target on shares of Cidara Therapeutics in a research note on Wednesday, March 12th. Cantor Fitzgerald raised shares of Cidara Therapeutics to a “strong-buy” rating in a research note on Wednesday, February 5th. Royal Bank of Canada began coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They issued an “outperform” rating and a $34.00 price target on the stock. Finally, Citizens Jmp began coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $46.00 target price on the stock. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $39.14.

Insider Transactions at Cidara Therapeutics

In other news, insider Leslie Tari sold 1,773 shares of the firm’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 completion of 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 position. The transaction was disclosed in a legal 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 dated Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $36,541.44. Following the completion of the transaction, the chief operating officer now directly owns 14,674 shares in the company, valued at $322,241.04. This represents a 10.18 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 7.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $56,000. Point72 Asset Management L.P. purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $165,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $339,000. Jane Street Group LLC purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $342,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Cidara Therapeutics in the 4th quarter worth approximately $419,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

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.