Edesa Biotech, Inc. (NASDAQ:EDSA – Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 30th, there was short interest totaling 513,538 shares, an increase of 91.9% from the April 15th total of 267,664 shares. Currently, 7.6% of the shares of the company are sold short. Based on an average daily volume of 1,623,757 shares, the days-to-cover ratio is presently 0.3 days.
Edesa Biotech Trading Down 10.7%
Shares of NASDAQ:EDSA traded down $1.56 during mid-day trading on Friday, reaching $13.05. The stock had a trading volume of 166,488 shares, compared to its average volume of 1,081,597. The firm has a market cap of $115.96 million, a PE ratio of -9.74 and a beta of 1.26. The firm has a 50 day simple moving average of $8.53 and a two-hundred day simple moving average of $4.01. Edesa Biotech has a twelve month low of $0.72 and a twelve month high of $20.32.
Edesa Biotech (NASDAQ:EDSA – Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.05 million. On average, equities analysts anticipate that Edesa Biotech will post -0.97 EPS for the current fiscal year.
Insider Buying and Selling
Institutional Trading of Edesa Biotech
Hedge funds have recently bought and sold shares of the stock. Susquehanna International Group LLP acquired a new stake in Edesa Biotech during the 3rd quarter worth approximately $36,000. State Street Corp acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $27,000. Diadema Partners LP acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $77,000. Finally, DRW Securities LLC acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $191,000. 5.50% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a report on Friday, March 27th. Wall Street Zen lowered shares of Edesa Biotech from a “hold” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.00.
Read Our Latest Stock Analysis on EDSA
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.
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