Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Up 91.9% in April

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a large increase in short interest in 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. Based on an average trading volume of 1,623,757 shares, the short-interest ratio is presently 0.3 days. Approximately 7.6% of the company’s shares are sold short.

Insiders Place Their Bets

In other Edesa Biotech news, CEO Pardeep Nijhawan purchased 10,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was purchased at an average cost of $3.90 per share, for a total transaction of $39,000.00. Following the acquisition, the chief executive officer owned 402,702 shares in the company, valued at approximately $1,570,537.80. The trade was a 2.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 73,571 shares of company stock worth $184,142. Company insiders own 24.40% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

A number of institutional investors and hedge funds have recently made changes to their positions in EDSA. Susquehanna International Group LLP bought a new position in shares of Edesa Biotech during the 3rd quarter worth about $36,000. DRW Securities LLC bought a new position in shares of Edesa Biotech during the 4th quarter worth about $191,000. State Street Corp bought a new position in shares of Edesa Biotech during the 4th quarter worth about $27,000. Finally, Diadema Partners LP bought a new position in shares of Edesa Biotech during the 4th quarter worth about $77,000. Institutional investors own 5.50% of the company’s stock.

Edesa Biotech Price Performance

EDSA stock opened at $9.00 on Tuesday. The stock has a market capitalization of $80.01 million, a PE ratio of -6.72 and a beta of 1.26. The company’s 50-day moving average is $8.64 and its 200-day moving average is $4.07. Edesa Biotech has a 1 year low of $0.72 and a 1 year high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data 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). The firm had revenue of $0.05 million for the quarter, compared to the consensus estimate of $0.05 million. On average, analysts anticipate that Edesa Biotech will post -0.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen downgraded Edesa Biotech from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Edesa Biotech currently has a consensus rating of “Hold” and a consensus target price 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.