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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a significant growth in short interest in December. As of December 31st, there was short interest totalling 77,100 shares, a growth of 113.6% from the December 15th total of 36,100 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily volume of 65,900 shares, the short-interest ratio is presently 1.2 days.

Institutional Investors Weigh In On Cidara Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of CDTX. Geode Capital Management LLC lifted its stake in Cidara Therapeutics by 22.7% in the 3rd quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after acquiring an additional 9,771 shares in the last quarter. Checkpoint Capital L.P. grew its position 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 purchasing an additional 37,009 shares in the last quarter. Finally, RA Capital Management L.P. acquired a new position in Cidara Therapeutics in the 3rd quarter valued at approximately $7,558,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

Analysts Set New Price Targets

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

Cidara Therapeutics Stock Up 0.4 %

Shares of NASDAQ CDTX traded up $0.08 during trading on Tuesday, hitting $21.27. 57,312 shares of the company traded hands, compared to its average volume of 147,107. The firm has a market capitalization of $149.89 million, a P/E ratio of -0.83 and a beta of 0.98. The company has a 50-day moving average price of $20.56 and a 200-day moving average price of $14.91. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $28.42.

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.