Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Large Decline in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large drop in short interest in May. As of May 15th, there was short interest totaling 218,598 shares, a drop of 57.4% from the April 30th total of 513,538 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average daily volume of 363,030 shares, the short-interest ratio is currently 0.6 days.

Analyst Upgrades and Downgrades

EDSA has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research note on Friday, March 27th. Wall Street Zen cut shares of Edesa Biotech from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Edesa Biotech has a consensus rating of “Hold” and a consensus price target of $5.00.

Edesa Biotech Trading Down 8.1%

Edesa Biotech stock traded down $0.64 during mid-day trading on Friday, hitting $7.22. The company’s stock had a trading volume of 246,579 shares, compared to its average volume of 356,490. The stock’s fifty day moving average is $9.20 and its two-hundred day moving average is $4.55. Edesa Biotech has a 1 year low of $0.72 and a 1 year high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last posted its earnings results on Thursday, May 14th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25). As a group, research analysts predict that Edesa Biotech will post -1.57 earnings per share for the current year.

Insider Transactions at Edesa Biotech

In related news, CEO Pardeep Nijhawan purchased 10,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was acquired at an average cost of $3.90 per share, for a total transaction of $39,000.00. Following the completion of the transaction, the chief executive officer directly owned 402,702 shares of the company’s stock, valued at approximately $1,570,537.80. This trade represents a 2.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have acquired 21,000 shares of company stock worth $81,900. Insiders own 24.40% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

Several large investors have recently made changes to their positions in EDSA. Susquehanna International Group LLP purchased a new position in shares of Edesa Biotech during the 3rd quarter worth approximately $36,000. DRW Securities LLC acquired a new position in Edesa Biotech during the fourth quarter worth $191,000. State Street Corp acquired a new position in Edesa Biotech during the fourth quarter worth $27,000. Diadema Partners LP purchased a new position in shares of Edesa Biotech during the fourth quarter worth $77,000. Finally, Perceptive Advisors LLC purchased a new position in shares of Edesa Biotech during the first quarter worth $2,946,000. 5.50% of the stock is currently owned by institutional investors and hedge funds.

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.