Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Significant Drop in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totaling 396,830 shares, a decline of 34.2% from the March 15th total of 603,458 shares. Approximately 5.8% of the company’s stock are short sold. Based on an average daily volume of 1,514,829 shares, the short-interest ratio is presently 0.3 days.

Wall Street Analyst Weigh In

EDSA has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Edesa Biotech from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.00.

Insider Buying and Selling at Edesa Biotech

In other Edesa Biotech news, CEO Pardeep Nijhawan acquired 30,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average price of $2.22 per share, for a total transaction of $66,600.00. Following the completion of the acquisition, the chief executive officer owned 371,702 shares of the company’s stock, valued at approximately $825,178.44. This trade represents a 8.78% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased a total of 73,571 shares of company stock valued at $184,142 in the last ninety days. Insiders own 22.60% of the company’s stock.

Institutional Trading of Edesa Biotech

Several institutional investors have recently modified their holdings of EDSA. DRW Securities LLC purchased a new stake in Edesa Biotech in the 4th quarter valued at $191,000. Diadema Partners LP purchased a new stake in Edesa Biotech in the 4th quarter valued at $77,000. Susquehanna International Group LLP purchased a new stake in Edesa Biotech in the 3rd quarter valued at $36,000. Finally, State Street Corp purchased a new stake in Edesa Biotech in the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Edesa Biotech Stock Down 12.1%

Edesa Biotech stock traded down $0.71 during trading on Tuesday, reaching $5.19. The stock had a trading volume of 316,666 shares, compared to its average volume of 3,831,116. Edesa Biotech has a 52-week low of $0.72 and a 52-week high of $9.37. The business has a 50 day moving average price of $4.14 and a 200 day moving average price of $2.64. The stock has a market cap of $46.09 million, a PE ratio of -4.56 and a beta of -0.68.

Edesa Biotech (NASDAQ:EDSA) last issued its quarterly earnings results on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.28). The firm had revenue of $0.11 million during the quarter. On average, equities analysts predict that Edesa Biotech will post -1.75 EPS for the current fiscal year.

Edesa Biotech Company Profile

Edesa Biotech, Inc is a clinical-stage biotechnology company focused on the discovery and development of next-generation vaccines and immunotherapies. The company leverages a proprietary self-amplifying RNA platform to create candidates designed for both intranasal and injectable administration. Edesa’s approach aims to elicit robust mucosal and systemic immune responses, with applications spanning infectious diseases and immuno-oncology.

Among Edesa’s pipeline programs is a lead intranasal vaccine candidate targeting SARS-CoV-2, currently advancing through early-stage clinical trials.