Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Significant Increase in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSAGet Free Report) was the recipient of a significant growth in short interest in January. As of January 31st, there was short interest totalling 21,000 shares, a growth of 2,525.0% from the January 15th total of 800 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average trading volume of 28,800 shares, the days-to-cover ratio is presently 0.7 days.

Analyst Ratings Changes

Separately, HC Wainwright decreased their target price on Edesa Biotech from $70.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, November 29th.

Check Out Our Latest Stock Report on EDSA

Hedge Funds Weigh In On Edesa Biotech

Several institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP bought a new stake in Edesa Biotech in the 4th quarter valued at approximately $52,000. CM Management LLC lifted its stake in Edesa Biotech by 11.4% in the 3rd quarter. CM Management LLC now owns 417,602 shares of the company’s stock valued at $264,000 after acquiring an additional 42,602 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Edesa Biotech by 150.2% in the 1st 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 in the last quarter. Millennium Management LLC bought a new stake in Edesa Biotech in the 2nd quarter valued at approximately $86,000. Finally, Cibc World Market Inc. bought a new stake in shares of Edesa Biotech during the 2nd quarter worth approximately $44,000. Institutional investors own 31.27% of the company’s stock.

Edesa Biotech Trading Up 7.9 %

NASDAQ:EDSA opened at $5.21 on Tuesday. Edesa Biotech has a fifty-two week low of $2.46 and a fifty-two week high of $10.71. The business’s 50-day simple moving average is $4.68 and its 200-day simple moving average is $4.69.

Edesa Biotech Company Profile

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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.

Further Reading

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