Cidara Therapeutics, Inc. (NASDAQ:CDTX) Sees Significant Drop in Short Interest

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a significant 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. Approximately 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 19,700 shares, the short-interest ratio is currently 3.4 days.

Institutional Trading of Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. raised its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 163,000 shares of the biotechnology company’s stock after buying an additional 68,000 shares during the period. 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.

Analysts Set New Price Targets

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

Cidara Therapeutics Trading Up 7.4 %

NASDAQ:CDTX traded up $0.92 on Tuesday, reaching $13.39. 25,478 shares of the stock traded hands, compared to its average volume of 39,469. The company 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 12 month low of $10.00 and a 12 month high of $24.40. The company’s fifty day simple moving average is $11.51 and its 200 day simple moving average is $12.07.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.94) by $1.89. The company had revenue of $0.30 million during the quarter. Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 109.89%. Equities analysts anticipate that Cidara Therapeutics will post -12.06 EPS for the current fiscal 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.