Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Expands By 6.0%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 52,800 shares, an increase of 6.0% from the November 15th total of 49,800 shares. Based on an average daily trading volume, of 37,400 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.2% of the shares of the company are short sold.

Cidara Therapeutics Stock Performance

CDTX traded up $0.12 during trading on Monday, reaching $23.00. 30,372 shares of the company traded hands, compared to its average volume of 42,071. The company has a market cap of $162.15 million, a P/E ratio of -0.90 and a beta of 1.13. The firm has a fifty day simple moving average of $15.19 and a 200 day simple moving average of $13.16. Cidara Therapeutics has a 12-month low of $10.00 and a 12-month high of $24.40.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Guggenheim started coverage on Cidara Therapeutics in a report on Friday, November 8th. They set a “buy” rating and a $33.00 price target on the stock. WBB Securities lifted their price target on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, December 5th. StockNews.com cut Cidara Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Royal Bank of Canada began coverage on Cidara Therapeutics in a research note on Friday. They issued an “outperform” rating and a $34.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. purchased a new position in shares of Cidara Therapeutics in the 3rd quarter worth $7,558,000. Checkpoint Capital L.P. grew its position in Cidara Therapeutics by 25.5% in the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $1,961,000 after acquiring an additional 37,009 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings 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 worth $569,000 after purchasing an additional 9,771 shares during the period. 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.