Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Expands By 10.2%

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 19,500 shares, an increase of 10.2% from the March 15th total of 17,700 shares. Approximately 0.8% of the company’s stock are short sold. Based on an average trading volume of 13,800 shares, the short-interest ratio is currently 1.4 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $21.00 price target on shares of Edesa Biotech in a report on Wednesday, February 14th.

Edesa Biotech Trading Up 4.5 %

Shares of Edesa Biotech stock opened at $4.35 on Wednesday. The business’s fifty day simple moving average is $4.65 and its 200 day simple moving average is $4.26. Edesa Biotech has a 12 month low of $2.46 and a 12 month high of $8.61.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results on Friday, February 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.67. On average, sell-side analysts predict that Edesa Biotech will post -2.32 earnings per share for the current year.

Hedge Funds Weigh In On Edesa Biotech

Several hedge funds have recently made changes to their positions in EDSA. Renaissance Technologies LLC grew its position in shares of Edesa Biotech by 150.2% in the first quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock valued at $246,000 after purchasing an additional 49,700 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Edesa Biotech in the second quarter valued at $86,000. Cibc World Market Inc. purchased a new position in shares of Edesa Biotech in the second quarter valued at $44,000. CM Management LLC grew its position in Edesa Biotech by 11.4% during the third quarter. CM Management LLC now owns 417,602 shares of the company’s stock worth $264,000 after buying an additional 42,602 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Edesa Biotech during the fourth quarter worth about $52,000. 5.50% of the stock is currently owned by hedge funds and other institutional investors.

About Edesa Biotech

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.