Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Drops By 31.6%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 36,100 shares, a drop of 31.6% from the November 30th total of 52,800 shares. Currently, 1.2% of the shares of the company are short sold. Based on an average daily trading volume, of 45,100 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Trading of Cidara Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. RA Capital Management L.P. purchased a new position in shares of Cidara Therapeutics during the 3rd quarter valued at $7,558,000. Checkpoint Capital L.P. boosted its stake in Cidara Therapeutics by 25.5% during the third quarter. Checkpoint Capital L.P. now owns 182,426 shares of the biotechnology company’s stock valued at $1,961,000 after buying an additional 37,009 shares during the period. Finally, Geode Capital Management LLC grew its position in Cidara Therapeutics by 22.7% during the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares in the last quarter. Institutional investors own 35.82% of the company’s stock.

Cidara Therapeutics Stock Performance

NASDAQ CDTX traded up $0.81 during trading hours on Monday, hitting $24.50. The company had a trading volume of 76,872 shares, compared to its average volume of 43,571. The firm has a market capitalization of $172.65 million, a price-to-earnings ratio of -0.96 and a beta of 1.13. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $24.99. The firm has a 50 day simple moving average of $17.64 and a 200 day simple moving average of $13.86.

Wall Street Analyst Weigh In

A number of analysts recently commented on CDTX shares. Guggenheim started coverage on Cidara Therapeutics in a report on Friday, November 8th. They set a “buy” rating and a $33.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Cidara Therapeutics in a report on Monday, November 11th. StockNews.com downgraded shares of Cidara Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, November 11th. WBB Securities boosted their target price on shares of Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada assumed coverage on shares of Cidara Therapeutics in a research note on Friday, December 13th. They set an “outperform” rating and a $34.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

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.