Edesa Biotech (NASDAQ:EDSA) Raised to “Sell” at Wall Street Zen

Edesa Biotech (NASDAQ:EDSA) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts have also recently issued reports about the stock. Brookline Capital Markets raised shares of Edesa Biotech to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Edesa Biotech Stock Performance

NASDAQ EDSA opened at $4.14 on Friday. The stock’s 50 day moving average is $5.15 and its 200 day moving average is $7.01. Edesa Biotech has a 12 month low of $0.72 and a 12 month high of $20.32. The stock has a market cap of $39.91 million, a PE ratio of -2.45 and a beta of 1.05.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.16). On average, analysts forecast that Edesa Biotech will post -1.78 EPS for the current fiscal year.

Institutional Trading of Edesa Biotech

An institutional investor recently bought a new stake in Edesa Biotech stock. Perceptive Advisors LLC bought a new stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned about 6.34% of Edesa Biotech as of its most recent filing with the Securities and Exchange Commission. 5.50% of the stock is owned by institutional investors.

About Edesa Biotech

Edesa Biotech, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory and immune-related diseases. The company’s research programs are centered on biologic and anti-inflammatory treatments intended to address conditions for which existing treatment options may be limited.

Edesa’s lead development program has included EB01, a topical, non-steroidal therapy being investigated for chronic allergic contact dermatitis, a persistent inflammatory skin condition.