Edesa Biotech (NASDAQ:EDSA) Trading Down 3.3%

Edesa Biotech, Inc. (NASDAQ:EDSA) was down 3.3% on Monday . The stock traded as low as $4.48 and last traded at $4.48. Approximately 1,997 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 11,414 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of Edesa Biotech in a report on Wednesday, February 14th.

Edesa Biotech Stock Performance

The stock’s fifty day simple moving average is $4.44 and its 200-day simple moving average is $4.29.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings results on Friday, February 9th. The company reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.67. As a group, sell-side analysts anticipate that Edesa Biotech, Inc. will post -2.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC boosted its position in Edesa Biotech, Inc. (NASDAQ:EDSA) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 417,602 shares of the company’s stock after purchasing an additional 42,602 shares during the period. CM Management LLC owned about 13.87% of Edesa Biotech worth $264,000 as of its most recent SEC filing. 5.50% of the stock is owned by institutional investors.

Edesa Biotech Company Profile

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.