Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Update

Edesa Biotech, Inc. (NASDAQ:EDSAGet Rating) was the target of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 685,300 shares, a growth of 6.3% from the February 13th total of 644,500 shares. Based on an average trading volume of 485,600 shares, the days-to-cover ratio is presently 1.4 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a “buy” rating and set a $16.00 price target on shares of Edesa Biotech in a research report on Wednesday.

Insider Buying and Selling at Edesa Biotech

In other Edesa Biotech news, major shareholder Der Velden Peter Van sold 145,129 shares of the business’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $2.66, for a total transaction of $386,043.14. Following the sale, the insider now owns 163,170 shares of the company’s stock, valued at approximately $434,032.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 44.70% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

Several hedge funds and other institutional investors have recently modified their holdings of EDSA. Susquehanna International Group LLP bought a new position in shares of Edesa Biotech during the fourth quarter valued at about $33,000. Millennium Management LLC bought a new position in shares of Edesa Biotech during the second quarter valued at about $86,000. CM Management LLC bought a new position in shares of Edesa Biotech during the third quarter valued at about $230,000. Renaissance Technologies LLC raised its stake in shares of Edesa Biotech by 150.2% during the first quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock valued at $246,000 after acquiring an additional 49,700 shares during the last quarter. Finally, Lynwood Capital Management Inc. bought a new position in shares of Edesa Biotech during the fourth quarter valued at about $264,000. 9.10% of the stock is owned by institutional investors.

Edesa Biotech Stock Performance

Shares of NASDAQ:EDSA opened at $0.99 on Friday. Edesa Biotech has a 52-week low of $0.76 and a 52-week high of $4.04. The firm has a fifty day moving average of $1.54 and a 200 day moving average of $1.37. The firm has a market capitalization of $19.95 million, a PE ratio of -1.18 and a beta of 0.47.

Edesa Biotech (NASDAQ:EDSAGet Rating) last announced its earnings results on Friday, February 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. On average, sell-side analysts forecast that Edesa Biotech will post -0.78 EPS for the current fiscal year.

Edesa Biotech Company Profile

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Edesa Biotech, Inc is a biopharmaceutical company, which focuses on acquiring, developing, and commercializing clinical stage drugs for inflammatory and immune-related diseases with clear unmet medical needs. Its product candidate, EB01 is a non-steroidal, anti-inflammatory treatment for chronic allergic contact dermatitis, a common, potentially debilitating condition and occupational illness.

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