Insider Buying: Edesa Biotech (NASDAQ:EDSA) CEO Acquires $36,300.00 in Stock

Edesa Biotech, Inc. (NASDAQ:EDSA) CEO Pardeep Nijhawan bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were acquired at an average price of $3.63 per share, with a total value of $36,300.00. Following the completion of the transaction, the chief executive officer directly owned 392,702 shares of the company’s stock, valued at $1,425,508.26. This trade represents a 2.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Pardeep Nijhawan also recently made the following trade(s):

• On Thursday, March 5th, Pardeep Nijhawan purchased 10,000 shares of Edesa Biotech stock. The stock was acquired at an average cost of $3.90 per share, for a total transaction of $39,000.00.
• On Friday, February 27th, Pardeep Nijhawan purchased 30,000 shares of Edesa Biotech stock. The shares were bought at an average cost of $2.22 per share, for a total transaction of $66,600.00.
• On Thursday, February 26th, Pardeep Nijhawan acquired 20,571 shares of Edesa Biotech stock. The shares were bought at an average price of $1.58 per share, with a total value of $32,502.18.

Edesa Biotech Stock Up 80.6%

Shares of EDSA stock opened at $6.52 on Friday. Edesa Biotech, Inc. has a 52-week low of $0.72 and a 52-week high of $7.43. The stock has a market cap of $54.44 million, a PE ratio of -5.67 and a beta of 0.05. The business has a 50-day simple moving average of $1.60 and a 200-day simple moving average of $1.94.

Edesa Biotech (NASDAQ:EDSA) last posted its earnings results on Friday, February 13th. The company reported ($0.28) EPS for the quarter, hitting the consensus estimate of ($0.28). The company had revenue of $0.10 million for the quarter. Sell-side analysts anticipate that Edesa Biotech, Inc. will post -1.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Edesa Biotech

A number of large investors have recently added to or reduced their stakes in EDSA. State Street Corp acquired a new stake in shares of Edesa Biotech in the fourth quarter valued at about $27,000. Susquehanna International Group LLP acquired a new position in shares of Edesa Biotech during the 3rd quarter worth about $36,000. Diadema Partners LP purchased a new position in Edesa Biotech in the 4th quarter valued at about $77,000. Finally, DRW Securities LLC purchased a new position in Edesa Biotech in the 4th quarter valued at about $191,000. 5.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Edesa Biotech has an average rating of “Hold” and an average price target of $5.00.

Edesa Biotech Company Profile

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.