Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Declines By 87.4%

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 107,300 shares, a decrease of 87.4% from the February 13th total of 852,100 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 0.1 days.

Edesa Biotech Trading Up 0.4 %

Shares of EDSA stock traded up $0.01 during trading hours on Friday, hitting $2.39. The company’s stock had a trading volume of 11,488 shares, compared to its average volume of 2,427,959. The company has a 50 day moving average of $2.08 and a 200 day moving average of $2.81. The stock has a market cap of $16.71 million, a PE ratio of -1.28 and a beta of 0.77. Edesa Biotech has a 12-month low of $1.55 and a 12-month high of $5.59.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data on Friday, February 14th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.17). During the same quarter last year, the firm earned ($0.54) EPS. As a group, analysts anticipate that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Institutional Trading of Edesa Biotech

A hedge fund recently bought a new stake in Edesa Biotech stock. Citadel Advisors LLC acquired a new stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 40,944 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned approximately 1.18% of Edesa Biotech as of its most recent SEC filing. Institutional investors and hedge funds own 5.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and set a $21.00 price target on shares of Edesa Biotech in a research note on Thursday.

About Edesa Biotech

Edesa Biotech, Inc, a clinical-stage biopharmaceutical company, engages in the research and development, manufacture, and commercialization of pharmaceutical products for inflammatory and immune-related diseases. Its lead product candidates are EB05, a monoclonal antibody, which is in Phase 3 clinical study for the treatment of acute respiratory distress syndrome in Covid-19 patients; and EB01, a topical vanishing cream containing non-steroidal anti-inflammatory compound that has completed Phase 2b clinical study to treat chronic allergic contact dermatitis.