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

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a large growth in short interest in the month of April. As of April 30th, there was short interest totaling 513,538 shares, a growth of 91.9% from the April 15th total of 267,664 shares. Currently, 7.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,623,757 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EDSA. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research note on Friday, March 27th. Wall Street Zen cut shares of Edesa Biotech from a “hold” rating to a “sell” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Edesa Biotech has an average rating of “Hold” and a consensus price target of $5.00.

Edesa Biotech Stock Down 10.7%

Shares of NASDAQ:EDSA traded down $1.56 during midday trading on Friday, hitting $13.05. The stock had a trading volume of 166,488 shares, compared to its average volume of 1,081,597. Edesa Biotech has a 12 month low of $0.72 and a 12 month high of $20.32. The business’s 50-day simple moving average is $8.53 and its 200-day simple moving average is $4.01. The company has a market cap of $115.96 million, a P/E ratio of -9.74 and a beta of 1.26.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results on Thursday, May 14th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.25). The company had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.05 million. As a group, equities analysts predict that Edesa Biotech will post -0.97 earnings per share for the current year.

Insider Buying and Selling

In other Edesa Biotech news, CEO Pardeep Nijhawan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was bought at an average cost of $3.90 per share, with a total value of $39,000.00. Following the purchase, the chief executive officer directly owned 402,702 shares of the company’s stock, valued at $1,570,537.80. The trade was a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have purchased 73,571 shares of company stock worth $184,142. Company insiders own 24.40% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Diadema Partners LP bought a new position in shares of Edesa Biotech in the fourth quarter valued at $77,000. State Street Corp bought a new position in shares of Edesa Biotech in the fourth quarter valued at $27,000. DRW Securities LLC bought a new position in shares of Edesa Biotech in the fourth quarter valued at $191,000. Finally, Susquehanna International Group LLP bought a new position in shares of Edesa Biotech in the third quarter valued at $36,000. 5.50% of the stock is owned by institutional investors.

About Edesa Biotech

Edesa Biotech, Inc is a clinical-stage biotechnology company focused on the discovery and development of next-generation vaccines and immunotherapies. The company leverages a proprietary self-amplifying RNA platform to create candidates designed for both intranasal and injectable administration. Edesa’s approach aims to elicit robust mucosal and systemic immune responses, with applications spanning infectious diseases and immuno-oncology.

Among Edesa’s pipeline programs is a lead intranasal vaccine candidate targeting SARS-CoV-2, currently advancing through early-stage clinical trials.