Edesa Biotech (NASDAQ:EDSA) Shares Up 1.8% – Should You Buy?

Edesa Biotech, Inc. (NASDAQ:EDSA)’s stock price was up 1.8% during mid-day trading on Wednesday . The company traded as high as $1.76 and last traded at $1.71. Approximately 17,606 shares traded hands during trading, a decline of 97% from the average daily volume of 629,193 shares. The stock had previously closed at $1.68.

Wall Street Analyst Weigh In

Several brokerages recently commented on EDSA. Weiss Ratings reissued a “sell (e+)” rating on shares of Edesa Biotech in a report on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Edesa Biotech in a research report on Monday, November 3rd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.00.

Edesa Biotech Trading Up 1.8%

The business has a fifty day simple moving average of $2.21 and a two-hundred day simple moving average of $2.19. The company has a market cap of $12.03 million, a PE ratio of -1.30 and a beta of -0.02.

Institutional Trading of Edesa Biotech

Several large investors have recently bought and sold shares of the business. Susquehanna International Group LLP purchased a new position in Edesa Biotech in the 3rd quarter worth approximately $36,000. Nantahala Capital Management LLC acquired a new stake in shares of Edesa Biotech in the first quarter valued at approximately $1,525,000. Velan Capital Investment Management LP purchased a new position in Edesa Biotech during the first quarter worth approximately $1,678,000. Finally, Stonepine Capital Management LLC acquired a new position in Edesa Biotech during the first quarter worth $1,678,000. Hedge funds and other institutional investors own 5.50% of the company’s stock.

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.