Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Large Growth in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totaling 513,538 shares, a growth of 91.9% from the April 15th total of 267,664 shares. Approximately 7.6% of the shares of the stock are sold short. Based on an average daily volume of 1,623,757 shares, the short-interest ratio is presently 0.3 days.

Insider Activity

In other Edesa Biotech news, CEO Pardeep Nijhawan acquired 30,000 shares of the stock in a transaction dated Friday, February 27th. The shares were bought at an average price of $2.22 per share, with a total value of $66,600.00. Following the purchase, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have purchased 73,571 shares of company stock valued at $184,142. Insiders own 24.40% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

Large investors have recently made changes to their positions in the business. State Street Corp acquired a new position in shares of Edesa Biotech in the 4th quarter valued at about $27,000. Susquehanna International Group LLP acquired a new position in shares of Edesa Biotech in the 3rd quarter valued at about $36,000. Diadema Partners LP acquired a new position in shares of Edesa Biotech in the 4th quarter valued at about $77,000. Finally, DRW Securities LLC acquired a new position in shares of Edesa Biotech in the 4th quarter valued at about $191,000. Institutional investors and hedge funds own 5.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Edesa Biotech in a report on Friday, March 27th. Wall Street Zen cut Edesa Biotech from a “hold” rating to a “sell” rating in a report on Saturday. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.00.

Edesa Biotech Price Performance

NASDAQ EDSA traded down $3.33 on Monday, hitting $9.72. 328,332 shares of the company were exchanged, compared to its average volume of 3,092,953. The company’s 50 day moving average price is $8.53 and its 200-day moving average price is $4.02. The firm has a market capitalization of $86.41 million, a P/E ratio of -7.25 and a beta of 1.26. Edesa Biotech has a twelve month low of $0.72 and a twelve month high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.25). The business had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.05 million. As a group, equities analysts expect that Edesa Biotech will post -0.97 EPS for the current year.

About Edesa Biotech

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.