Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Up 53.2% in May

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 107,400 shares, an increase of 53.2% from the May 15th total of 70,100 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average daily trading volume, of 70,600 shares, the short-interest ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CDTX shares. WBB Securities reiterated a “strong-buy” rating and set a $40.00 target price on shares of Cidara Therapeutics in a research note on Thursday, April 25th. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Cidara Therapeutics in a research note on Thursday, May 16th. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $71.25.

Insider Activity

In other news, CEO Jeffrey Stein bought 8,000 shares of the stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $13.21 per share, for a total transaction of $105,680.00. Following the completion of the purchase, the chief executive officer now owns 24,580 shares in the company, valued at $324,701.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.64% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cidara Therapeutics stock. Pale Fire Capital SE bought a new position in shares of Cidara Therapeutics, Inc. (NASDAQ:CDTX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 54,356 shares of the biotechnology company’s stock, valued at approximately $51,000. Pale Fire Capital SE owned 0.06% of Cidara Therapeutics at the end of the most recent reporting period. Institutional investors and hedge funds own 35.82% of the company’s stock.

Cidara Therapeutics Stock Down 5.1 %

Shares of CDTX traded down $0.72 during midday trading on Friday, hitting $13.44. The company’s stock had a trading volume of 59,048 shares, compared to its average volume of 49,449. Cidara Therapeutics has a one year low of $10.00 and a one year high of $24.40. The company’s fifty day simple moving average is $13.24 and its two-hundred day simple moving average is $14.37. The stock has a market capitalization of $61.29 million, a price-to-earnings ratio of -1.75 and a beta of 1.02.

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