Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Down 16.2% in August

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 1,190,000 shares, a drop of 16.2% from the August 15th total of 1,420,000 shares. Based on an average trading volume of 647,900 shares, the days-to-cover ratio is presently 1.8 days.

Cidara Therapeutics Stock Performance

Shares of NASDAQ:CDTX remained flat at $1.07 during mid-day trading on Monday. The company had a trading volume of 373,316 shares, compared to its average volume of 1,850,712. The stock has a market cap of $96.57 million, a PE ratio of -8.23 and a beta of 1.27. Cidara Therapeutics has a one year low of $0.46 and a one year high of $2.10. The firm’s 50-day moving average price is $0.96 and its 200-day moving average price is $1.15.

Cidara Therapeutics (NASDAQ:CDTX) last announced its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The company had revenue of $7.61 million for the quarter, compared to analysts’ expectations of $14.34 million. Cidara Therapeutics had a negative net margin of 9.72% and a negative return on equity of 67.95%. As a group, research analysts forecast that Cidara Therapeutics will post -0.31 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CDTX. StockNews.com downgraded Cidara Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. TheStreet cut Cidara Therapeutics from a “c” rating to a “d+” rating in a research note on Friday, August 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Cidara Therapeutics in a research note on Tuesday, August 1st. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Cidara Therapeutics in a research note on Thursday, September 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $3.00 price objective on shares of Cidara Therapeutics in a research note on Friday, September 8th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cidara Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $4.67.

Insider Transactions at Cidara Therapeutics

In related news, CEO Jeffrey Stein acquired 50,000 shares of the stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $0.96 per share, for a total transaction of $48,000.00. Following the completion of the transaction, the chief executive officer now directly owns 331,602 shares of the company’s stock, valued at $318,337.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp purchased a new position in shares of Cidara Therapeutics during the second quarter valued at approximately $26,000. Charles Schwab Investment Management Inc. purchased a new position in Cidara Therapeutics in the first quarter worth $34,000. Legacy Wealth Asset Management LLC purchased a new position in Cidara Therapeutics in the second quarter worth $34,000. Stratos Wealth Partners LTD. boosted its position in Cidara Therapeutics by 247.9% in the second quarter. Stratos Wealth Partners LTD. now owns 36,489 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 26,000 shares during the last quarter. Finally, Money Concepts Capital Corp purchased a new position in Cidara Therapeutics in the fourth quarter worth $42,000. Hedge funds and other institutional investors own 29.09% of the company’s stock.

About Cidara Therapeutics

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.