Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Declines By 47.0%

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a significant decrease in short interest in February. As of February 13th, there was short interest totaling 15,086 shares, a decrease of 47.0% from the January 29th total of 28,454 shares. Based on an average daily volume of 140,923 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.2% of the shares of the company are sold short. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 140,923 shares, the days-to-cover ratio is presently 0.1 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research report on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Edesa Biotech in a report on Monday, November 3rd. One investment 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, the stock presently has a consensus rating of “Hold” and an average target price of $5.00.

Edesa Biotech Stock Performance

Shares of NASDAQ EDSA traded up $0.65 during trading on Friday, hitting $2.20. The company had a trading volume of 42,948,766 shares, compared to its average volume of 5,924,315. The company has a market cap of $18.37 million, a P/E ratio of -1.91 and a beta of 0.21. The business’s 50-day moving average is $1.32 and its 200 day moving average is $1.87. Edesa Biotech has a 52 week low of $0.72 and a 52 week high of $2.95.

Edesa Biotech (NASDAQ:EDSA) last announced its earnings results on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.28). The company had revenue of $0.10 million for the quarter. On average, research analysts expect that Edesa Biotech will post -1.75 EPS for the current year.

Institutional Investors Weigh In On Edesa Biotech

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

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.