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

Cidara Therapeutics, Inc. (NASDAQ:CDTX) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 195,400 shares, a growth of 8.9% from the March 15th total of 179,500 shares. Based on an average daily volume of 671,800 shares, the days-to-cover ratio is currently 0.3 days.

Cidara Therapeutics Stock Down 11.5 %

Shares of NASDAQ CDTX traded down $0.09 during mid-day trading on Tuesday, reaching $0.73. 1,256,518 shares of the company were exchanged, compared to its average volume of 665,830. The stock has a market cap of $66.15 million, a price-to-earnings ratio of -1.87 and a beta of 0.98. Cidara Therapeutics has a 1 year low of $0.59 and a 1 year high of $1.48. The firm has a 50-day moving average of $0.78 and a 200 day moving average of $0.78.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Cidara Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $4.67.

Institutional Investors Weigh In On Cidara Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDTX. Schonfeld Strategic Advisors LLC purchased a new stake in Cidara Therapeutics in the first quarter valued at about $846,000. BlackRock Inc. raised its stake in Cidara Therapeutics by 459.9% in the first quarter. BlackRock Inc. now owns 741,713 shares of the biotechnology company’s stock valued at $942,000 after buying an additional 609,247 shares during the last quarter. Millennium Management LLC raised its stake in Cidara Therapeutics by 724.1% in the fourth quarter. Millennium Management LLC now owns 689,917 shares of the biotechnology company’s stock valued at $522,000 after buying an additional 606,201 shares during the last quarter. GSA Capital Partners LLP raised its stake in Cidara Therapeutics by 294.6% in the fourth quarter. GSA Capital Partners LLP now owns 540,446 shares of the biotechnology company’s stock valued at $429,000 after buying an additional 403,472 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in Cidara Therapeutics by 201.8% in the second quarter. XTX Topco Ltd now owns 449,138 shares of the biotechnology company’s stock valued at $508,000 after buying an additional 300,303 shares during the last quarter. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

About Cidara Therapeutics

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.