Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Expands By 192.2%

Posted by Defense World Staff on Nov 28th, 2024

Edesa Biotech, Inc. (NASDAQ:EDSA – Get Free Report) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 48,500 shares, a growth of 192.2% from the October 31st total of 16,600 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average daily trading volume, of 23,300 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Investors Weigh In On Edesa Biotech

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC boosted its stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA – Free Report) by 45.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 90,000 shares of the company’s stock after purchasing an additional 28,000 shares during the period. CM Management LLC owned approximately 2.80% of Edesa Biotech worth $385,000 at the end of the most recent reporting period. 5.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $21.00 target price on shares of Edesa Biotech in a report on Tuesday, August 20th.

Read Our Latest Stock Report on EDSA

Edesa Biotech Price Performance

Edesa Biotech stock opened at $2.30 on Thursday. The business has a fifty day moving average price of $3.41 and a 200-day moving average price of $4.12. Edesa Biotech has a 1-year low of $2.05 and a 1-year high of $6.46.

Edesa Biotech Company Profile

(Get Free Report)

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.