Edesa Biotech, Inc. (NASDAQ:EDSA – Get 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
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:EDSA – Get 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
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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