Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Down 16.2% in August

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,190,000 shares, a decrease of 16.2% from the August 15th total of 1,420,000 shares. Based on an average trading volume of 647,900 shares, the days-to-cover ratio is presently 1.8 days.

Cidara Therapeutics Stock Performance

CDTX stock remained flat at $1.07 on Monday. The company had a trading volume of 373,316 shares, compared to its average volume of 1,850,712. Cidara Therapeutics has a one year low of $0.46 and a one year high of $2.10. The company has a market cap of $96.57 million, a P/E ratio of -8.23 and a beta of 1.27. The firm’s 50 day simple moving average is $0.96 and its two-hundred day simple moving average is $1.15.

Cidara Therapeutics (NASDAQ:CDTX) last posted its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). Cidara Therapeutics had a negative net margin of 9.72% and a negative return on equity of 67.95%. The company had revenue of $7.61 million for the quarter, compared to the consensus estimate of $14.34 million. As a group, sell-side analysts forecast that Cidara Therapeutics will post -0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com lowered Cidara Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. TheStreet lowered Cidara Therapeutics from a “c” rating to a “d+” rating in a research report on Friday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price target on shares of Cidara Therapeutics in a research report on Friday, September 8th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Cidara Therapeutics in a research report on Thursday, September 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Cidara Therapeutics in a research report on Tuesday, August 1st. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.67.

Insider Activity at Cidara Therapeutics

In related news, CEO Jeffrey Stein bought 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average cost of $0.96 per share, for a total transaction of $48,000.00. Following the acquisition, the chief executive officer now directly owns 331,602 shares of the company’s stock, valued at approximately $318,337.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.28% of the stock is currently owned by company insiders.

Institutional Trading of Cidara Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its stake in Cidara Therapeutics by 33.4% during the 2nd quarter. Osaic Holdings Inc. now owns 51,875 shares of the biotechnology company’s stock valued at $59,000 after purchasing an additional 12,975 shares during the last quarter. XTX Topco Ltd boosted its stake in Cidara Therapeutics by 201.8% during the 2nd quarter. XTX Topco Ltd now owns 449,138 shares of the biotechnology company’s stock valued at $508,000 after purchasing an additional 300,303 shares during the last quarter. Marshall Wace LLP boosted its stake in Cidara Therapeutics by 216.0% during the 2nd quarter. Marshall Wace LLP now owns 89,315 shares of the biotechnology company’s stock valued at $101,000 after purchasing an additional 61,051 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Cidara Therapeutics by 23.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,549,573 shares of the biotechnology company’s stock valued at $1,751,000 after purchasing an additional 292,800 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Cidara Therapeutics by 29.7% during the 2nd quarter. BlackRock Inc. now owns 961,718 shares of the biotechnology company’s stock valued at $1,087,000 after purchasing an additional 220,005 shares during the last quarter. 29.09% of the stock is currently owned by hedge funds and other institutional investors.

Cidara Therapeutics Company Profile

Cidara Therapeutics, Inc, a biotechnology company, focuses on the discovery, development, and commercialization of long-acting anti-infectives for the treatment and prevention of infectious diseases and oncology in the United States. The company's lead product candidate is 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.