Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Down 20.0% in October

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of 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. Based on an average trading volume of 19,700 shares, the days-to-cover ratio is presently 3.4 days. Currently, 1.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have recently issued reports on CDTX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Cidara Therapeutics in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $24.00 target price 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 report on Friday, September 13th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $29.67.

Hedge Funds Weigh In On Cidara Therapeutics

An institutional investor recently raised its position in Cidara Therapeutics stock. Tocqueville Asset Management L.P. boosted its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,000 shares of the biotechnology company’s stock after purchasing 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.

Cidara Therapeutics Stock Performance

Cidara Therapeutics stock traded down $0.57 during mid-day trading on Wednesday, reaching $12.82. 13,847 shares of the company were exchanged, compared to its average volume of 39,345. Cidara Therapeutics has a twelve month low of $10.00 and a twelve month high of $24.40. The firm’s 50-day simple moving average is $11.51 and its two-hundred day simple moving average is $12.07. The firm has a market cap of $58.48 million, a PE ratio of -1.74 and a beta of 1.03.

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

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.