Edesa Biotech (NASDAQ:EDSA) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of Edesa Biotech (NASDAQ:EDSA) from a sell rating to a strong sell rating in a research report released on Saturday,Wall Street Zen reports.

A number of other research firms have also commented on EDSA. Brookline Capital Markets upgraded Edesa Biotech to a “strong-buy” rating in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Edesa Biotech presently has an average rating of “Moderate Buy” and a consensus price target of $5.00.

Edesa Biotech Trading Up 8.2%

Shares of EDSA stock opened at $2.78 on Friday. The stock has a 50 day moving average of $4.26 and a two-hundred day moving average of $6.62. Edesa Biotech has a 12 month low of $0.72 and a 12 month high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings results 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, equities analysts anticipate that Edesa Biotech will post -1.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Edesa Biotech

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

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.