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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the target of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 52,800 shares, an increase of 6.0% from the November 15th total of 49,800 shares. Based on an average daily volume of 37,400 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.2% of the shares of the stock are sold short.

Institutional Investors Weigh In On Cidara Therapeutics

Several hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Cidara Therapeutics by 22.7% during the third quarter. Geode Capital Management LLC now owns 52,898 shares of the biotechnology company’s stock worth $569,000 after buying an additional 9,771 shares during the period. Checkpoint Capital L.P. grew its stake in Cidara Therapeutics by 25.5% in 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. Finally, RA Capital Management L.P. bought a new stake in shares of Cidara Therapeutics during the 3rd quarter valued at about $7,558,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CDTX shares. HC Wainwright reiterated a “buy” rating and issued a $24.00 price objective on shares of Cidara Therapeutics in a research note on Monday, November 11th. Royal Bank of Canada began coverage on Cidara Therapeutics in a research note on Friday. They set an “outperform” rating and a $34.00 price target on the stock. StockNews.com downgraded Cidara Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Guggenheim started coverage on Cidara Therapeutics in a research report on Friday, November 8th. They set a “buy” rating and a $33.00 target price on the stock. Finally, WBB Securities raised their price target on Cidara Therapeutics from $40.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $32.20.

Cidara Therapeutics Trading Up 0.5 %

Shares of Cidara Therapeutics stock traded up $0.12 during mid-day trading on Monday, hitting $23.00. 21,620 shares of the stock were exchanged, compared to its average volume of 42,039. The company has a 50-day simple moving average of $15.19 and a 200 day simple moving average of $13.16. The stock has a market capitalization of $162.15 million, a price-to-earnings ratio of -0.90 and a beta of 1.13. Cidara Therapeutics has a twelve month low of $10.00 and a twelve month high of $24.40.

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.