Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Down 57.2% in March

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large decline in short interest in March. As of March 13th, there was short interest totaling 603,458 shares, a decline of 57.2% from the February 26th total of 1,411,103 shares. Currently, 9.3% of the company’s stock are short sold. Based on an average trading volume of 8,431,585 shares, the days-to-cover ratio is currently 0.1 days.

Edesa Biotech Stock Down 0.7%

Shares of NASDAQ:EDSA traded down $0.04 on Friday, hitting $5.82. 221,383 shares of the company traded hands, compared to its average volume of 4,495,580. The stock has a 50 day simple moving average of $3.08 and a 200-day simple moving average of $2.36. The company has a market cap of $48.59 million, a PE ratio of -5.06 and a beta of 0.05. Edesa Biotech has a 52 week low of $0.72 and a 52 week high of $9.37.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly 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 firm had revenue of $0.11 million during the quarter. As a group, sell-side analysts anticipate that Edesa Biotech will post -1.75 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.00.

Insider Buying and Selling at Edesa Biotech

In other news, CEO Pardeep Nijhawan bought 30,000 shares of Edesa Biotech stock in a transaction on Friday, February 27th. The shares were purchased at an average price of $2.22 per share, for a total transaction of $66,600.00. Following the acquisition, the chief executive officer owned 371,702 shares of the company’s stock, valued at approximately $825,178.44. The trade was a 8.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders purchased 73,571 shares of company stock worth $184,142. 22.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edesa Biotech

A number of institutional investors have recently made changes to their positions in EDSA. Susquehanna International Group LLP bought a new stake in shares of Edesa Biotech during the third quarter valued at approximately $36,000. Diadema Partners LP purchased a new position in Edesa Biotech in the 4th quarter worth approximately $77,000. DRW Securities LLC bought a new position in Edesa Biotech in the 4th quarter valued at approximately $191,000. Finally, State Street Corp bought a new position in Edesa Biotech in the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors 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.