Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Grows By 113.6%

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

Analyst Ratings Changes

CDTX has been the topic of several research analyst reports. Guggenheim initiated coverage on shares of Cidara Therapeutics in a research report on Friday, November 8th. They issued a “buy” rating and a $33.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a report on Monday, November 11th. WBB Securities upped their price objective on Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a report on Thursday, December 5th. Royal Bank of Canada began coverage on Cidara Therapeutics in a report on Friday, December 13th. They issued an “outperform” rating and a $34.00 target price on the stock. Finally, StockNews.com lowered 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cidara Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Institutional Trading of Cidara Therapeutics

Several large investors have recently modified their holdings of the business. RA Capital Management L.P. acquired a new position in shares of Cidara Therapeutics in the third quarter worth about $7,558,000. Checkpoint Capital L.P. increased its holdings in Cidara Therapeutics by 25.5% during the 3rd quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock worth $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% in the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 9,771 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Cidara Therapeutics Price Performance

CDTX traded up $0.83 during trading hours on Thursday, reaching $21.25. 113,494 shares of the stock traded hands, compared to its average volume of 140,068. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $28.42. The company has a market cap of $149.81 million, a price-to-earnings ratio of -0.83 and a beta of 0.98. The firm’s fifty day simple moving average is $20.86 and its two-hundred day simple moving average is $15.01.

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.