Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Significant Drop in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA – Get Rating) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 133,600 shares, a drop of 42.7% from the March 15th total of 233,000 shares. Based on an average daily volume of 88,700 shares, the short-interest ratio is currently 1.5 days. Approximately 1.5% of the shares of the company are short sold.

Shares of EDSA opened at $2.83 on Friday. Edesa Biotech has a 12 month low of $2.54 and a 12 month high of $12.00. The company has a 50-day moving average price of $3.33 and a two-hundred day moving average price of $5.25. The stock has a market cap of $39.39 million, a price-to-earnings ratio of -2.46 and a beta of 0.71.

Edesa Biotech (NASDAQ:EDSA – Get Rating) last issued its earnings results on Monday, February 14th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.07. On average, analysts expect that Edesa Biotech will post -1.38 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS Group AG raised its position in shares of Edesa Biotech by 42.1% during the 3rd quarter. UBS Group AG now owns 5,369 shares of the company’s stock valued at $39,000 after acquiring an additional 1,590 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Edesa Biotech during the fourth quarter worth $85,000. Verition Fund Management LLC bought a new stake in Edesa Biotech in the third quarter valued at about $100,000. Dimensional Fund Advisors LP acquired a new position in Edesa Biotech in the third quarter valued at about $115,000. Finally, State Street Corp boosted its holdings in Edesa Biotech by 64.9% during the fourth quarter. State Street Corp now owns 22,875 shares of the company’s stock worth $129,000 after buying an additional 9,000 shares during the last quarter. 2.70% of the stock is owned by hedge funds and other institutional investors.

Separately, HC Wainwright initiated coverage on Edesa Biotech in a research note on Monday, December 20th. They set a “buy” rating and a $16.00 price target on the stock.

About Edesa Biotech (Get Rating)

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 2/Phase 3 clinical study for the treatment of acute respiratory distress syndrome in covid-19 patients; and EB01, a topical cream containing non-steroidal anti-inflammatory compound that is in Phase 2B clinical study to treat chronic allergic contact dermatitis.

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