Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Expands By 62.2%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 470,300 shares, an increase of 62.2% from the March 15th total of 289,900 shares. Based on an average trading volume of 137,900 shares, the days-to-cover ratio is currently 3.4 days. Currently, 6.9% of the company’s stock are short sold.

Analysts Set New Price Targets

CDTX has been the topic of several research reports. StockNews.com upgraded shares of Cidara Therapeutics to a “sell” rating in a report on Wednesday. HC Wainwright upped their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target on shares of Cidara Therapeutics in a research note on Thursday, April 10th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. Finally, Citizens Jmp began coverage on Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $39.14.

Insider Buying and Selling

In related news, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total transaction of $38,935.08. Following the transaction, the insider now directly owns 16,215 shares of the company’s stock, valued at approximately $356,081.40. This represents a 9.86 % decrease in their position. The transaction was disclosed in a 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 that occurred on Tuesday, March 11th. The shares were sold at an average price of $21.96, for a total value of $36,541.44. Following the completion of the sale, the chief operating officer now directly owns 14,674 shares of the company’s stock, valued at $322,241.04. This trade represents a 10.18 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CDTX. VR Adviser LLC purchased a new stake in Cidara Therapeutics during the fourth quarter worth about $20,583,000. Stempoint Capital LP purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth approximately $1,281,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Cidara Therapeutics during the 4th quarter worth approximately $56,000. Point72 Asset Management L.P. bought a new stake in shares of Cidara Therapeutics in the 4th quarter worth approximately $165,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Cidara Therapeutics in the fourth quarter valued at approximately $339,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

Cidara Therapeutics Stock Up 1.4 %

Cidara Therapeutics stock opened at $19.44 on Friday. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $28.42. The company’s 50 day moving average price is $21.28 and its two-hundred day moving average price is $19.20. The stock has a market cap of $212.93 million, a P/E ratio of -0.76 and a beta of 0.89.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) 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%. On average, equities analysts anticipate that Cidara Therapeutics will post -8.74 EPS for the current year.

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.