Edesa Biotech (NASDAQ:EDSA) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen lowered shares of Edesa Biotech (NASDAQ:EDSA) from a sell rating to a strong sell rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the stock. Brookline Capital Markets raised shares of Edesa Biotech to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of Edesa Biotech in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Edesa Biotech Stock Performance

Shares of NASDAQ:EDSA opened at $2.57 on Friday. Edesa Biotech has a twelve month low of $0.72 and a twelve month high of $20.32. The business has a fifty day moving average of $4.31 and a 200-day moving average of $6.63. The firm has a market cap of $24.77 million, a PE ratio of -1.52 and a beta of 1.20.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.16). On average, analysts anticipate that Edesa Biotech will post -1.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Edesa Biotech

A hedge fund recently bought a new stake in Edesa Biotech stock. Perceptive Advisors LLC purchased a new position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned approximately 6.34% of Edesa Biotech as of its most recent filing with the SEC. 5.50% of the stock is currently owned by institutional investors.

Edesa Biotech Company Profile

Edesa Biotech, Inc is a clinical-stage biopharmaceutical company focused on developing therapeutics for inflammatory and immune-mediated diseases. The company does not have any marketed products and concentrates on advancing investigational treatments through clinical development and regulatory evaluation.

Edesa’s lead program has been EB01, a topical therapy being developed for chronic hand eczema, a painful inflammatory skin condition that can significantly affect patients’ daily activities.