Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Decreases By 23.2%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 76,200 shares, a decline of 23.2% from the August 15th total of 99,200 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average trading volume of 30,000 shares, the short-interest ratio is presently 2.5 days.

Institutional Investors Weigh In On Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. increased its position in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 163,000 shares of the biotechnology company’s stock after acquiring an additional 68,000 shares during the period. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Stock Down 1.4 %

Shares of NASDAQ CDTX traded down $0.17 during midday trading on Tuesday, hitting $11.63. The stock had a trading volume of 7,235 shares, compared to its average volume of 42,655. The business’s 50 day moving average is $12.17 and its 200-day moving average is $13.21. Cidara Therapeutics has a 52 week low of $10.00 and a 52 week high of $24.40. The company has a market cap of $53.06 million, a P/E ratio of -1.51 and a beta of 1.04.

Cidara Therapeutics (NASDAQ:CDTX) last announced its quarterly earnings results on Tuesday, August 13th. The biotechnology company reported ($2.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $0.30 million for the quarter. As a group, analysts expect that Cidara Therapeutics will post -12.06 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on CDTX. HC Wainwright reissued a “buy” rating and set a $24.00 price objective on shares of Cidara Therapeutics in a research report on Monday. StockNews.com raised shares of Cidara Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a report on Wednesday, August 14th. Finally, 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. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Cidara Therapeutics has an average rating of “Buy” and an average price target of $29.67.

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.