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

by · The Cerbat Gem

Cidara Therapeutics, Inc. (NASDAQ:CDTX – Get Free Report) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 67,000 shares, a decrease of 20.0% from the September 30th total of 83,800 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average trading volume of 19,700 shares, the days-to-cover ratio is presently 3.4 days.

Institutional Trading of Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. boosted its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX – Free Report) by 71.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 163,000 shares of the biotechnology company’s stock after acquiring an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 as of its most recent SEC filing. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Cidara Therapeutics in a report on Wednesday, August 14th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cidara Therapeutics in a report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $24.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday, October 22nd. Finally, StockNews.com raised Cidara Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $29.67.

View Our Latest Analysis on CDTX

Cidara Therapeutics Price Performance

Shares of CDTX stock traded up $0.92 during trading hours on Tuesday, hitting $13.39. The stock had a trading volume of 25,478 shares, compared to its average volume of 39,469. The stock has a market capitalization of $61.09 million, a price-to-earnings ratio of -1.74 and a beta of 1.03. Cidara Therapeutics has a one year low of $10.00 and a one year high of $24.40. The stock’s 50-day moving average price is $11.51 and its two-hundred day moving average price is $12.07.

Cidara Therapeutics (NASDAQ:CDTX – Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.94) by $1.89. Cidara Therapeutics had a negative return on equity of 109.89% and a negative net margin of 289.05%. The business had revenue of $0.30 million for the quarter. As a group, equities research analysts predict that Cidara Therapeutics will post -12.06 earnings per share for the current fiscal year.

About Cidara Therapeutics

(Get Free Report)

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.

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