Edesa Biotech (NASDAQ:EDSA) Stock Falls 16.2% – Time to Sell?

Edesa Biotech, Inc. (NASDAQ:EDSA)’s stock price fell 16.2% on Monday. The company traded as low as $2.87 and last traded at $2.94. 81,606 shares traded hands during mid-day trading, an increase of 107% from the average daily volume of 39,482 shares. The stock had previously closed at $3.51.

Wall Street Analyst Weigh In

Several analysts recently weighed in on EDSA shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research report on Monday, September 21st. Wall Street Zen raised shares of Edesa Biotech from a “strong sell” rating to a “sell” rating in a report on Saturday, September 19th. Finally, Brookline Capital Markets upgraded shares of Edesa Biotech to a “strong-buy” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Edesa Biotech Stock Down 16.2%

The firm has a 50-day moving average price of $4.51 and a two-hundred day moving average price of $6.73. The company has a market capitalization of $28.34 million, a P/E ratio of -1.74 and a beta of 1.20.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.16). On average, analysts predict that Edesa Biotech, Inc. will post -1.99 EPS for the current fiscal year.

Institutional Trading of Edesa Biotech

An institutional investor recently bought a new stake in Edesa Biotech stock. Perceptive Advisors LLC bought a new stake in Edesa Biotech, Inc. (NASDAQ:EDSA) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned approximately 6.34% of Edesa Biotech as of its most recent filing with the Securities and Exchange Commission. 5.50% of the stock is currently owned by hedge funds and other institutional investors.

About Edesa Biotech

Edesa Biotech, Inc is a clinical-stage biopharmaceutical company focused on developing therapeutics for inflammatory and immune-mediated diseases. The company does not have any marketed products and concentrates on advancing investigational treatments through clinical development and regulatory evaluation.

Edesa’s lead program has been EB01, a topical therapy being developed for chronic hand eczema, a painful inflammatory skin condition that can significantly affect patients’ daily activities.