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

Edesa Biotech, Inc. (NASDAQ:EDSAGet Free Report) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 21,000 shares, a growth of 2,525.0% from the January 15th total of 800 shares. Based on an average trading volume of 28,800 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.9% of the shares of the stock are sold short.

Institutional Investors Weigh In On Edesa Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDSA. Dimensional Fund Advisors LP purchased a new position in Edesa Biotech during the 4th quarter valued at about $52,000. CM Management LLC grew its holdings in shares of Edesa Biotech by 11.4% during the third quarter. CM Management LLC now owns 417,602 shares of the company’s stock worth $264,000 after purchasing an additional 42,602 shares in the last quarter. Cibc World Market Inc. purchased a new stake in Edesa Biotech in the second quarter worth approximately $44,000. Millennium Management LLC purchased a new stake in Edesa Biotech in the second quarter worth approximately $86,000. Finally, Renaissance Technologies LLC boosted its stake in Edesa Biotech by 150.2% in the first quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock worth $246,000 after buying an additional 49,700 shares in the last quarter. 31.27% of the stock is currently owned by institutional investors.

Edesa Biotech Trading Up 7.9 %

NASDAQ EDSA opened at $5.21 on Tuesday. Edesa Biotech has a one year low of $2.46 and a one year high of $10.71. The business’s fifty day moving average is $4.68 and its 200-day moving average is $4.69.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reduced their price objective on shares of Edesa Biotech from $70.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, November 29th.

View Our Latest Stock Analysis on EDSA

Edesa Biotech Company Profile

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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.

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