Cidara Therapeutics, Inc. (NASDAQ:CDTX) Short Interest Down 95.8% in April

Cidara Therapeutics, Inc. (NASDAQ:CDTX) saw a large decline in short interest in April. As of April 15th, there was short interest totalling 8,200 shares, a decline of 95.8% from the March 31st total of 195,400 shares. Based on an average daily trading volume, of 40,600 shares, the short-interest ratio is currently 0.2 days.

Cidara Therapeutics Price Performance

CDTX traded down $0.37 during trading hours on Friday, reaching $12.63. The company’s stock had a trading volume of 199,445 shares, compared to its average volume of 50,035. Cidara Therapeutics has a fifty-two week low of $10.00 and a fifty-two week high of $29.60. The stock has a market cap of $57.59 million, a PE ratio of -2.63 and a beta of 0.98. The business’s 50-day moving average is $15.35 and its 200-day moving average is $15.31.

Analysts Set New Price Targets

CDTX has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cidara Therapeutics in a research note on Monday, April 8th. WBB Securities restated a “strong-buy” rating and issued a $40.00 price target on shares of Cidara Therapeutics in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Cidara Therapeutics in a research report on Tuesday. Finally, Needham & Company LLC upped their price target on Cidara Therapeutics from $3.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $71.25.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CDTX. Pale Fire Capital SE acquired a new position in Cidara Therapeutics during the third quarter worth $51,000. Flagship Harbor Advisors LLC acquired a new position in Cidara Therapeutics during the third quarter worth $28,000. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Cidara Therapeutics by 25.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 79,119 shares of the biotechnology company’s stock worth $75,000 after purchasing an additional 15,912 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

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.