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

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDTX shares. Guggenheim started coverage on Cidara Therapeutics in a research report on Friday, November 8th. They issued a “buy” rating and a $33.00 target price on the stock. WBB Securities lifted their price objective on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research note on Thursday, December 5th. Royal Bank of Canada began coverage on Cidara Therapeutics in a report on Friday, December 13th. They set an “outperform” rating and a $34.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price target on shares of Cidara Therapeutics in a research report on Monday, November 11th. Finally, StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cidara Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $32.20.

Cidara Therapeutics Price Performance

NASDAQ CDTX traded up $0.83 on Thursday, reaching $21.25. The company had a trading volume of 113,494 shares, compared to its average volume of 140,249. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $28.42. The firm has a 50-day moving average of $20.86 and a 200-day moving average of $15.01. The firm has a market capitalization of $149.75 million, a PE ratio of -0.83 and a beta of 0.98.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position 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. Checkpoint Capital L.P. lifted its stake 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 worth $1,961,000 after acquiring an additional 37,009 shares in the last quarter. Finally, RA Capital Management L.P. purchased a new position in Cidara Therapeutics in the third quarter valued at about $7,558,000. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

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.