Edesa Biotech, Inc. (NASDAQ:EDSA) to Post Q3 2023 Earnings of ($0.12) Per Share, HC Wainwright Forecasts

Edesa Biotech, Inc. (NASDAQ:EDSA – Get Rating) – Equities research analysts at HC Wainwright upped their Q3 2023 earnings estimates for shares of Edesa Biotech in a research note issued on Wednesday, May 24th. HC Wainwright analyst V. Bernardino now expects that the company will earn ($0.12) per share for the quarter, up from their prior estimate of ($0.13). HC Wainwright has a “Buy” rating and a $16.00 price target on the stock. The consensus estimate for Edesa Biotech’s current full-year earnings is ($0.66) per share. HC Wainwright also issued estimates for Edesa Biotech’s Q4 2023 earnings at ($0.13) EPS, FY2023 earnings at ($0.50) EPS and FY2024 earnings at ($0.88) EPS.

Edesa Biotech Stock Performance

NASDAQ EDSA opened at $0.91 on Friday. Edesa Biotech has a one year low of $0.76 and a one year high of $2.81. The company’s 50 day moving average price is $1.01 and its 200 day moving average price is $1.27. The firm has a market capitalization of $18.74 million, a price-to-earnings ratio of -1.44 and a beta of 0.43.

Institutional Trading of Edesa Biotech

A number of hedge funds have recently made changes to their positions in the stock. CM Management LLC raised its stake in shares of Edesa Biotech by 3.9% during the first quarter. CM Management LLC now owns 325,000 shares of the company’s stock valued at $296,000 after purchasing an additional 12,227 shares in the last quarter. Lynwood Capital Management Inc. bought a new stake in Edesa Biotech in the fourth quarter worth about $264,000. Renaissance Technologies LLC raised its position in Edesa Biotech by 150.2% in the first quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock worth $246,000 after acquiring an additional 49,700 shares in the last quarter. Millennium Management LLC bought a new stake in Edesa Biotech in the second quarter worth about $86,000. Finally, Susquehanna International Group LLP bought a new stake in Edesa Biotech in the fourth quarter worth about $33,000. Institutional investors and hedge funds own 9.10% of the company’s stock.

About Edesa Biotech

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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.