Edesa Biotech (NASDAQ:EDSA) Stock Rating Lowered by Wall Street Zen

Edesa Biotech (NASDAQ:EDSA) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts have also recently issued reports on EDSA. Brookline Capital Markets upgraded shares of Edesa Biotech to a “strong-buy” rating in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

Edesa Biotech Price Performance

EDSA stock opened at $2.57 on Friday. Edesa Biotech has a 52 week low of $0.72 and a 52 week high of $20.32. The company has a fifty day simple moving average of $4.31 and a two-hundred day simple moving average of $6.64. The firm has a market capitalization of $24.77 million, a P/E ratio of -1.52 and a beta of 1.20.

Edesa Biotech (NASDAQ:EDSA) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.16). As a group, analysts anticipate that Edesa Biotech will post -1.99 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Edesa Biotech stock. Perceptive Advisors LLC acquired a new position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned 6.34% of Edesa Biotech as of its most recent SEC filing. Institutional investors own 5.50% of the company’s stock.

About Edesa Biotech

Edesa Biotech, Inc is a clinical-stage biopharmaceutical company focused on developing therapeutics for inflammatory and immune-mediated diseases. The company does not have any marketed products and concentrates on advancing investigational treatments through clinical development and regulatory evaluation.

Edesa’s lead program has been EB01, a topical therapy being developed for chronic hand eczema, a painful inflammatory skin condition that can significantly affect patients’ daily activities.