Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Drops By 57.4%

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totaling 218,598 shares, a decrease of 57.4% from the April 30th total of 513,538 shares. Based on an average daily trading volume, of 363,030 shares, the short-interest ratio is currently 0.6 days. Currently, 3.3% of the company’s stock are short sold.

Edesa Biotech Price Performance

Shares of EDSA traded down $0.53 during midday trading on Monday, reaching $6.69. The stock had a trading volume of 362,765 shares, compared to its average volume of 2,860,200. Edesa Biotech has a 1-year low of $0.72 and a 1-year high of $20.32. The company’s fifty day simple moving average is $9.20 and its two-hundred day simple moving average is $4.57. The company has a market cap of $59.47 million, a price-to-earnings ratio of -4.99 and a beta of 1.04.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25). On average, sell-side analysts forecast that Edesa Biotech will post -1.57 earnings per share for the current year.

Insiders Place Their Bets

In other Edesa Biotech news, CEO Pardeep Nijhawan bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were purchased at an average cost of $3.90 per share, with a total value of $39,000.00. Following the purchase, the chief executive officer directly owned 402,702 shares in the company, valued at approximately $1,570,537.80. This represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have purchased 21,000 shares of company stock worth $81,900. 24.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edesa Biotech

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp acquired a new stake in shares of Edesa Biotech in the 4th quarter valued at $27,000. Susquehanna International Group LLP purchased a new position in shares of Edesa Biotech in the 3rd quarter valued at $36,000. Diadema Partners LP purchased a new position in shares of Edesa Biotech in the 4th quarter valued at $77,000. DRW Securities LLC purchased a new position in shares of Edesa Biotech in the 4th quarter valued at $191,000. Finally, Perceptive Advisors LLC purchased a new position in shares of Edesa Biotech in the 1st quarter valued at $2,946,000. 5.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on EDSA shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research note on Friday, March 27th. Wall Street Zen downgraded shares of Edesa Biotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Edesa Biotech presently has an average rating of “Hold” and a consensus target price of $5.00.

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.