Short Interest in Cidara Therapeutics, Inc. (NASDAQ:CDTX) Rises By 5.8%

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 113,600 shares, a growth of 5.8% from the May 31st total of 107,400 shares. Based on an average trading volume of 74,900 shares, the days-to-cover ratio is presently 1.5 days. Currently, 2.6% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

CDTX has been the subject of several research reports. WBB Securities reaffirmed a “strong-buy” rating and set a $40.00 price objective on shares of Cidara Therapeutics in a report on Thursday, April 25th. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a report on Thursday, June 20th. HC Wainwright restated a “buy” rating and set a $120.00 target price on shares of Cidara Therapeutics in a research report on Monday, April 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Cidara Therapeutics in a research note on Thursday, May 16th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cidara Therapeutics has an average rating of “Buy” and a consensus price target of $71.25.

Cidara Therapeutics Stock Up 1.9 %

Shares of CDTX traded up $0.23 on Wednesday, hitting $12.16. 20,014 shares of the stock traded hands, compared to its average volume of 51,138. Cidara Therapeutics has a 1 year low of $10.00 and a 1 year high of $24.40. The stock’s 50 day moving average is $12.37 and its two-hundred day moving average is $14.12. The firm has a market capitalization of $55.45 million, a P/E ratio of -1.55 and a beta of 1.01.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($2.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.50) by ($0.78). The business had revenue of $8.46 million for the quarter, compared to analysts’ expectations of $14.50 million. Cidara Therapeutics had a negative return on equity of 201.62% and a negative net margin of 73.46%. Research analysts forecast that Cidara Therapeutics will post -13.07 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Jeffrey Stein bought 8,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were bought at an average cost of $13.21 per share, for a total transaction of $105,680.00. Following the transaction, the chief executive officer now owns 24,580 shares of the company’s stock, valued at $324,701.80. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 7.64% of the stock is currently owned by company insiders.

Institutional Trading of Cidara Therapeutics

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. boosted its stake in Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 163,000 shares of the biotechnology company’s stock after purchasing an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 as of its most recent filing with the SEC. 35.82% of the stock is owned by institutional investors.

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.