Cidara Therapeutics, Inc. (NASDAQ:CDTX – Get Free Report) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 1,240,000 shares, a drop of 6.1% from the October 15th total of 1,320,000 shares. Based on an average daily volume of 466,800 shares, the days-to-cover ratio is presently 2.7 days.
Cidara Therapeutics Trading Down 2.9 %
Shares of CDTX traded down $0.02 during mid-day trading on Friday, hitting $0.78. The company’s stock had a trading volume of 933,949 shares, compared to its average volume of 1,544,837. The firm has a market capitalization of $70.54 million, a price-to-earnings ratio of -2.00 and a beta of 1.20. Cidara Therapeutics has a 52-week low of $0.46 and a 52-week high of $2.10. The company’s 50-day moving average is $0.90 and its 200-day moving average is $1.02.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on CDTX. StockNews.com cut shares of Cidara Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, November 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Cidara Therapeutics in a research note on Tuesday, August 1st. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 price target on shares of Cidara Therapeutics in a report on Friday, September 22nd. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Cidara Therapeutics in a report on Monday, November 6th. Finally, TheStreet cut Cidara Therapeutics from a “c” rating to a “d+” rating in a report on Friday, August 4th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cidara Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $4.67.
Institutional Trading of Cidara Therapeutics
A number of hedge funds have recently bought and sold shares of CDTX. Renaissance Technologies LLC grew its position in shares of Cidara Therapeutics by 23.3% in the second 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 in the last quarter. BlackRock Inc. increased its stake in shares of Cidara Therapeutics by 29.7% in the 2nd quarter. BlackRock Inc. now owns 961,718 shares of the biotechnology company’s stock worth $1,087,000 after acquiring an additional 220,005 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cidara Therapeutics by 10.3% during the 2nd quarter. Geode Capital Management LLC now owns 727,710 shares of the biotechnology company’s stock worth $822,000 after acquiring an additional 68,043 shares during the period. Millennium Management LLC raised its holdings in shares of Cidara Therapeutics by 724.1% during the 4th quarter. Millennium Management LLC now owns 689,917 shares of the biotechnology company’s stock worth $522,000 after acquiring an additional 606,201 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Cidara Therapeutics during the 1st quarter valued at about $846,000. Institutional investors and hedge funds own 29.09% of the company’s stock.
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.
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