Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Update

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 67,000 shares, a drop of 20.0% from the September 30th total of 83,800 shares. Based on an average daily trading volume, of 19,700 shares, the short-interest ratio is currently 3.4 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cidara Therapeutics stock. Tocqueville Asset Management L.P. increased its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,000 shares of the biotechnology company’s stock after buying an additional 68,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 3.57% of Cidara Therapeutics worth $150,000 at the end of the most recent reporting period. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CDTX shares. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of Cidara Therapeutics in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $24.00 price objective on shares of Cidara Therapeutics in a research report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research note on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Cidara Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $29.67.

Cidara Therapeutics Price Performance

NASDAQ CDTX traded up $0.92 on Tuesday, reaching $13.39. The stock had a trading volume of 25,478 shares, compared to its average volume of 39,469. The company has a market cap of $61.09 million, a P/E ratio of -1.74 and a beta of 1.03. The firm has a fifty day moving average of $11.51 and a two-hundred day moving average of $12.07. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $24.40.

Cidara Therapeutics (NASDAQ:CDTX) last announced its 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 net margin of 289.05% and a negative return on equity of 109.89%. The company had revenue of $0.30 million during the quarter. Research analysts predict that Cidara Therapeutics will post -12.06 EPS for the current fiscal year.

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.