Cidara Therapeutics, Inc. (NASDAQ:CDTX) Sees Significant Increase in Short Interest

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 77,100 shares, an increase of 113.6% from the December 31st total of 36,100 shares. Based on an average daily volume of 65,900 shares, the short-interest ratio is presently 1.2 days. Currently, 1.7% of the shares of the company are sold short.

Cidara Therapeutics Price Performance

Cidara Therapeutics stock traded down $0.58 during trading hours on Wednesday, hitting $18.34. The stock had a trading volume of 15,185 shares, compared to its average volume of 122,260. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $28.42. The stock has a market capitalization of $129.21 million, a price-to-earnings ratio of -0.72 and a beta of 0.98. The stock’s fifty day moving average is $22.06 and its two-hundred day moving average is $15.60.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cidara Therapeutics in a research report on Monday. Guggenheim started coverage on Cidara Therapeutics in a report on Friday, November 8th. They set a “buy” rating and a $33.00 price objective on the stock. WBB Securities raised their target price on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a report on Thursday, December 5th. StockNews.com cut shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Finally, Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics in a report on Friday, December 13th. They issued an “outperform” rating and a $34.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Institutional Investors Weigh In On Cidara Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. acquired a new position in Cidara Therapeutics during the third quarter worth about $7,558,000. Checkpoint Capital L.P. grew its position in shares of Cidara Therapeutics by 25.5% in the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after purchasing an additional 37,009 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cidara Therapeutics by 22.7% during 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 last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

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.