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

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 28,454 shares, an increase of 103.8% from the January 15th total of 13,960 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily volume of 85,292 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily volume of 85,292 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.4% of the shares of the company are short sold.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. State Street Corp acquired a new position in Edesa Biotech during the fourth quarter valued at approximately $27,000. Susquehanna International Group LLP purchased a new stake in Edesa Biotech during the 3rd quarter worth approximately $36,000. Finally, DRW Securities LLC acquired a new stake in Edesa Biotech in the fourth quarter valued at $191,000. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Edesa Biotech Stock Performance

EDSA stock traded up $0.03 during midday trading on Friday, hitting $1.02. 71,441 shares of the stock were exchanged, compared to its average volume of 110,457. The stock’s 50-day moving average price is $1.40 and its 200-day moving average price is $1.94. Edesa Biotech has a fifty-two week low of $0.94 and a fifty-two week high of $2.96.

Edesa Biotech (NASDAQ:EDSA) last announced its earnings results on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.28). The business had revenue of $0.10 million for the quarter. Sell-side analysts forecast that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EDSA shares. HC Wainwright reiterated a “buy” rating and set a $5.00 target price on shares of Edesa Biotech in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.00.

Edesa Biotech Company Profile

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.