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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 195,400 shares, a growth of 8.9% from the March 15th total of 179,500 shares. Based on an average daily volume of 671,800 shares, the short-interest ratio is presently 0.3 days.

Cidara Therapeutics Stock Performance

Shares of CDTX opened at $0.73 on Wednesday. Cidara Therapeutics has a 52 week low of $0.59 and a 52 week high of $1.48. The firm has a market cap of $66.15 million, a P/E ratio of -1.87 and a beta of 0.98. The firm’s 50-day simple moving average is $0.78 and its 200 day simple moving average is $0.78.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Cidara Therapeutics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 3,346,260 shares of the biotechnology company’s stock valued at $2,657,000 after purchasing an additional 54,310 shares during the period. Renaissance Technologies LLC boosted its holdings in Cidara Therapeutics by 23.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,549,573 shares of the biotechnology company’s stock valued at $1,751,000 after purchasing an additional 292,800 shares during the period. BlackRock Inc. boosted its holdings in Cidara Therapeutics by 29.7% in the 2nd quarter. BlackRock Inc. now owns 961,718 shares of the biotechnology company’s stock valued at $1,087,000 after purchasing an additional 220,005 shares during the period. Geode Capital Management LLC boosted its holdings in Cidara Therapeutics by 10.3% in the 2nd quarter. Geode Capital Management LLC now owns 727,710 shares of the biotechnology company’s stock valued at $822,000 after purchasing an additional 68,043 shares during the period. Finally, Millennium Management LLC boosted its holdings in Cidara Therapeutics by 724.1% in the 4th quarter. Millennium Management LLC now owns 689,917 shares of the biotechnology company’s stock valued at $522,000 after purchasing an additional 606,201 shares during the period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Cidara Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $4.67.

Cidara Therapeutics Company Profile

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.