Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Up 21.9% in March

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 289,900 shares, a growth of 21.9% from the February 28th total of 237,800 shares. Based on an average trading volume of 122,300 shares, the short-interest ratio is presently 2.4 days. Currently, 4.2% of the shares of the stock are sold short.

Insider Transactions at Cidara Therapeutics

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Cidara Therapeutics in the fourth quarter worth $56,000. Point72 Asset Management L.P. acquired a new stake in Cidara Therapeutics during the 4th quarter worth $165,000. OMERS ADMINISTRATION Corp bought a new position in Cidara Therapeutics during the fourth quarter worth about $339,000. Jane Street Group LLC acquired a new position in Cidara Therapeutics in the fourth quarter valued at about $342,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Cidara Therapeutics in the fourth quarter worth about $419,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Price Performance

Shares of CDTX stock traded down $0.18 during trading hours on Wednesday, reaching $18.74. The company had a trading volume of 56,797 shares, compared to its average volume of 123,727. Cidara Therapeutics has a 1-year low of $10.00 and a 1-year high of $28.42. The firm has a market cap of $205.26 million, a price-to-earnings ratio of -0.73 and a beta of 0.88. The company has a 50 day moving average of $21.83 and a 200 day moving average of $18.70.

Cidara Therapeutics (NASDAQ:CDTX) last released its earnings results on Thursday, March 6th. The biotechnology company reported ($5.38) earnings per share 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%. As a group, sell-side analysts forecast that Cidara Therapeutics will post -8.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CDTX shares. Citizens Jmp began coverage on shares of Cidara Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $46.00 price target on the stock. HC Wainwright lifted their target price on shares of Cidara Therapeutics from $24.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Needham & Company LLC restated a “buy” rating and set a $35.00 price target on shares of Cidara Therapeutics in a research report on Friday, March 7th. JMP Securities set a $46.00 price target on Cidara Therapeutics in a report on Wednesday, March 12th. Finally, WBB Securities increased their target price on Cidara Therapeutics from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $39.14.

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.