Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Down 57.2% in March

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large drop in short interest in March. As of March 13th, there was short interest totaling 603,458 shares, a drop of 57.2% from the February 26th total of 1,411,103 shares. Currently, 9.3% of the shares of the stock are short sold. Based on an average trading volume of 8,431,585 shares, the short-interest ratio is currently 0.1 days.

Edesa Biotech Trading Down 0.7%

EDSA stock traded down $0.04 during midday trading on Friday, hitting $5.82. The stock had a trading volume of 223,458 shares, compared to its average volume of 7,283,894. The firm has a market cap of $48.60 million, a P/E ratio of -5.06 and a beta of 0.05. Edesa Biotech has a 1-year low of $0.72 and a 1-year high of $9.37. The business has a fifty day moving average price of $3.17 and a two-hundred day moving average price of $2.39.

Edesa Biotech (NASDAQ:EDSA) last issued its quarterly earnings results on Friday, February 13th. The company reported ($0.28) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.28). The business had revenue of $0.11 million for the quarter. On average, equities analysts anticipate that Edesa Biotech will post -1.75 EPS for the current year.

Insider Transactions at Edesa Biotech

In other Edesa Biotech news, CEO Pardeep Nijhawan bought 30,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were purchased at an average price of $2.22 per share, for a total transaction of $66,600.00. Following the completion of the transaction, the chief executive officer directly owned 371,702 shares in the company, valued at approximately $825,178.44. The trade was a 8.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased 73,571 shares of company stock valued at $184,142 over the last quarter. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On Edesa Biotech

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP acquired a new position in Edesa Biotech in the third quarter valued at approximately $36,000. DRW Securities LLC bought a new stake in shares of Edesa Biotech in the 4th quarter valued at $191,000. State Street Corp acquired a new position in shares of Edesa Biotech during the 4th quarter valued at $27,000. Finally, Diadema Partners LP bought a new position in Edesa Biotech during the fourth quarter worth $77,000. 5.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Edesa Biotech to a “sell” rating in a report on Saturday. 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Edesa Biotech presently has an average rating of “Hold” and a consensus price target 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.