Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Rises By 21.9%

by · The Markets Daily

Cidara Therapeutics, Inc. (NASDAQ:CDTX – Get Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 289,900 shares, an increase of 21.9% from the February 28th total of 237,800 shares. Approximately 4.2% of the company’s shares are sold short. Based on an average daily trading volume, of 122,300 shares, the days-to-cover ratio is presently 2.4 days.

Insiders Place Their Bets

In other Cidara Therapeutics news, COO Shane Ward sold 1,664 shares of Cidara Therapeutics stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $36,541.44. Following the sale, the chief operating officer now owns 14,674 shares of the company’s stock, valued at approximately $322,241.04. The trade was a 10.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leslie Tari sold 1,773 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $21.96, for a total value of $38,935.08. Following the completion of the sale, the insider now owns 16,215 shares in the company, valued at approximately $356,081.40. This represents a 9.86 % decrease in their position. The disclosure for this sale can be found here. 7.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cidara Therapeutics

A number of hedge funds have recently made changes to their positions in CDTX. BVF Inc. IL increased its stake in Cidara Therapeutics by 55.4% in the fourth quarter. BVF Inc. IL now owns 1,092,796 shares of the biotechnology company’s stock valued at $29,374,000 after purchasing an additional 389,731 shares in the last quarter. RA Capital Management L.P. raised its stake in Cidara Therapeutics by 55.4% in the 4th quarter. RA Capital Management L.P. now owns 1,092,796 shares of the biotechnology company’s stock valued at $29,374,000 after acquiring an additional 389,716 shares during the period. TCG Crossover Management LLC purchased a new position in shares of Cidara Therapeutics in the fourth quarter valued at $26,092,000. VR Adviser LLC purchased a new position in shares of Cidara Therapeutics during the 4th quarter valued at $20,583,000. Finally, Vivo Capital LLC bought a new position in shares of Cidara Therapeutics in the 4th quarter worth $18,026,000. 35.82% of the stock is currently owned by institutional investors.

Cidara Therapeutics Trading Down 2.9 %

Cidara Therapeutics stock opened at $18.37 on Thursday. The company has a fifty day simple moving average of $21.75 and a 200 day simple moving average of $18.70. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $28.42. The company has a market cap of $201.21 million, a P/E ratio of -0.72 and a beta of 0.89.

Cidara Therapeutics (NASDAQ:CDTX – Get Free Report) last posted its earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) EPS for the quarter, missing the consensus estimate of ($5.28) by ($0.10). Cidara Therapeutics had a negative net margin of 289.05% and a negative return on equity of 69.64%. On average, equities research analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Cidara Therapeutics in a research note on Friday, March 7th. Cantor Fitzgerald raised Cidara Therapeutics to a “strong-buy” rating in a report on Wednesday, February 5th. JMP Securities set a $46.00 price target on Cidara Therapeutics in a research report on Wednesday, March 12th. Citigroup assumed coverage on shares of Cidara Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating on the stock. Finally, HC Wainwright upped their price target on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $39.14.

Get Our Latest Stock Analysis on Cidara Therapeutics

About Cidara Therapeutics

(Get Free Report)

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.

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