Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Expands By 9,253.7%

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 1,411,103 shares, an increase of 9,253.7% from the February 12th total of 15,086 shares. Based on an average trading volume of 13,657,948 shares, the short-interest ratio is presently 0.1 days. Approximately 21.8% of the shares of the company are short sold. Approximately 21.8% of the shares of the company are short sold. Based on an average trading volume of 13,657,948 shares, the short-interest ratio is presently 0.1 days.

Edesa Biotech Trading Down 3.4%

Edesa Biotech stock traded down $0.24 during midday trading on Tuesday, reaching $6.90. The stock had a trading volume of 1,841,044 shares, compared to its average volume of 12,047,675. Edesa Biotech has a twelve month low of $0.72 and a twelve month high of $8.74. The firm’s fifty day simple moving average is $1.72 and its two-hundred day simple moving average is $1.97.

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

Insiders Place Their Bets

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 price of $3.90 per share, with a total value of $39,000.00. Following the completion of the purchase, the chief executive officer owned 402,702 shares in the company, valued at $1,570,537.80. This trade represents a 2.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have bought 71,571 shares of company stock valued at $181,002. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On Edesa Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Susquehanna International Group LLP bought a new stake in shares of Edesa Biotech in the 3rd quarter valued at approximately $36,000. State Street Corp bought a new position in Edesa Biotech during the fourth quarter valued at approximately $27,000. Diadema Partners LP acquired a new stake in Edesa Biotech in the fourth quarter valued at approximately $77,000. Finally, DRW Securities LLC acquired a new stake in Edesa Biotech in the fourth quarter valued at approximately $191,000. 5.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Edesa Biotech in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.00.

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.