Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Down 20.0% in October

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a significant drop in short interest in 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. Currently, 1.1% of the shares of the company are sold short. Based on an average trading volume of 19,700 shares, the short-interest ratio is presently 3.4 days.

Cidara Therapeutics Trading Down 4.3 %

CDTX traded down $0.57 on Wednesday, hitting $12.82. 13,847 shares of the company’s stock were exchanged, compared to its average volume of 39,345. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $24.40. The stock has a market cap of $58.48 million, a price-to-earnings ratio of -1.74 and a beta of 1.03. The firm has a 50-day moving average price of $11.51 and a 200-day moving average price of $12.07.

Cidara Therapeutics (NASDAQ:CDTX) last issued its quarterly earnings data on Tuesday, August 13th. The biotechnology company reported ($2.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.94) by $1.89. The business had revenue of $0.30 million during the quarter. Cidara Therapeutics had a negative return on equity of 109.89% and a negative net margin of 289.05%. On average, equities analysts predict that Cidara Therapeutics will post -12.06 EPS for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Cidara Therapeutics

An institutional investor recently raised its position in Cidara Therapeutics stock. Tocqueville Asset Management L.P. boosted its stake in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) by 71.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 approximately 3.57% of Cidara Therapeutics worth $150,000 as of its most recent SEC filing. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.