Edesa Biotech (NASDAQ:EDSA) Shares Up 3% – Time to Buy?

Edesa Biotech, Inc. (NASDAQ:EDSA)’s stock price rose 3% on Wednesday . The stock traded as high as $2.37 and last traded at $2.37. Approximately 19,659 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 489,694 shares. The stock had previously closed at $2.30.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of Edesa Biotech in a research note on Thursday, March 13th.

Edesa Biotech Stock Up 3.0 %

The company has a market capitalization of $16.57 million, a PE ratio of -1.27 and a beta of 0.60. The stock’s fifty day moving average price is $2.35 and its two-hundred day moving average price is $2.38.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results 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 period last year, the company earned ($0.54) earnings per share. On average, equities research analysts forecast that Edesa Biotech, Inc. will post -1.75 EPS for the current year.

Institutional Trading of Edesa Biotech

A hedge fund recently bought a new stake in Edesa Biotech stock. Two Sigma Securities LLC acquired a new position in Edesa Biotech, Inc. (NASDAQ:EDSA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,313 shares of the company’s stock, valued at approximately $26,000. Two Sigma Securities LLC owned approximately 0.44% of Edesa Biotech at the end of the most recent reporting period. 5.50% of the stock is owned by institutional investors and hedge funds.

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.