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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a large 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. Based on an average trading volume of 65,900 shares, the short-interest ratio is currently 1.2 days. Approximately 1.7% of the company’s stock are sold short.

Cidara Therapeutics Trading Up 0.4 %

Shares of NASDAQ:CDTX traded up $0.08 during midday trading on Tuesday, hitting $21.27. The stock had a trading volume of 57,312 shares, compared to its average volume of 147,107. The company has a market capitalization of $149.89 million, a PE ratio of -0.83 and a beta of 0.98. The stock has a 50 day moving average price of $20.56 and a two-hundred 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.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of Cidara Therapeutics by 22.7% during 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. RA Capital Management L.P. purchased a new stake in Cidara Therapeutics during the third quarter worth $7,558,000. Finally, Checkpoint Capital L.P. boosted 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 worth $1,961,000 after purchasing an additional 37,009 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.