Edesa Biotech (NASDAQ:EDSA) Stock Price Down 0.4% – Here’s What Happened

Shares of Edesa Biotech, Inc. (NASDAQ:EDSA) traded down 0.4% during trading on Thursday . The company traded as low as $5.30 and last traded at $5.66. Approximately 93,800 shares traded hands during trading, an increase of 45% from the average session volume of 64,851 shares. The stock had previously closed at $5.68.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on EDSA shares. Wall Street Zen raised shares of Edesa Biotech from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research report on Wednesday, June 24th. Finally, Brookline Capital Markets upgraded Edesa Biotech to a “strong-buy” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Edesa Biotech Stock Performance

The stock has a market capitalization of $50.57 million, a P/E ratio of -3.92 and a beta of 1.03. The business has a fifty day simple moving average of $7.30 and a 200-day simple moving average of $5.97.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.25). On average, sell-side analysts anticipate that Edesa Biotech, Inc. will post -1.66 earnings per share for the current year.

Hedge Funds Weigh In On Edesa Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in EDSA. Susquehanna International Group LLP bought a new stake in shares of Edesa Biotech in the 3rd quarter worth approximately $36,000. State Street Corp purchased a new stake in Edesa Biotech in the 4th quarter worth about $27,000. Diadema Partners LP bought a new stake in Edesa Biotech in the 4th quarter valued at about $77,000. DRW Securities LLC bought a new stake in Edesa Biotech in the 4th quarter valued at about $191,000. Finally, Perceptive Advisors LLC purchased a new stake in Edesa Biotech during the first quarter valued at about $2,946,000. 5.50% of the stock is owned by hedge funds and other institutional investors.

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.