Edesa Biotech, Inc. (NASDAQ:EDSA – Get Free Report)’s share price dropped 7.3% on Monday . The stock traded as low as $6.70 and last traded at $6.81. 127,334 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 263,436 shares. The stock had previously closed at $7.35.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the company. Wall Street Zen lowered Edesa Biotech from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Edesa Biotech in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.00.
Check Out Our Latest Stock Analysis on EDSA
Edesa Biotech Stock Performance
Edesa Biotech (NASDAQ:EDSA – Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25). Analysts forecast that Edesa Biotech, Inc. will post -1.57 EPS for the current year.
Hedge Funds Weigh In On Edesa Biotech
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna International Group LLP purchased a new stake in Edesa Biotech during the third quarter worth about $36,000. State Street Corp purchased a new position in shares of Edesa Biotech in the fourth quarter valued at approximately $27,000. Diadema Partners LP acquired a new position in shares of Edesa Biotech in the fourth quarter valued at approximately $77,000. DRW Securities LLC acquired a new position in shares of Edesa Biotech in the fourth quarter valued at approximately $191,000. Finally, Perceptive Advisors LLC purchased a new stake in Edesa Biotech during the 1st quarter worth approximately $2,946,000. 5.50% of the stock is currently owned by hedge funds and other institutional investors.
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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