Edesa Biotech (NASDAQ:EDSA) Announces Earnings Results

Edesa Biotech (NASDAQ:EDSA) announced its quarterly earnings data on Thursday. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25), FiscalAI reports. The business had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.05 million.

Edesa Biotech Trading Down 10.7%

Shares of EDSA stock traded down $1.56 on Friday, hitting $13.05. 166,488 shares of the stock were exchanged, compared to its average volume of 1,081,597. The firm has a market capitalization of $116.01 million, a PE ratio of -9.74 and a beta of 1.26. Edesa Biotech has a one year low of $0.72 and a one year high of $20.32. The firm’s 50 day moving average is $8.53 and its two-hundred day moving average is $4.01.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EDSA. Weiss Ratings restated a “sell (e+)” rating on shares of Edesa Biotech in a research report on Friday, March 27th. Wall Street Zen lowered shares of Edesa Biotech from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Insider Transactions at Edesa Biotech

In other Edesa Biotech news, CEO Pardeep Nijhawan acquired 10,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were acquired at an average cost of $3.90 per share, with a total value of $39,000.00. Following the completion of the acquisition, the chief executive officer directly owned 402,702 shares in the company, valued at $1,570,537.80. This trade represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders bought 73,571 shares of company stock valued at $184,142. Insiders own 24.40% of the company’s stock.

Hedge Funds Weigh In On Edesa Biotech

Several large investors have recently modified their holdings of EDSA. Susquehanna International Group LLP bought a new stake in shares of Edesa Biotech in the third quarter valued at approximately $36,000. State Street Corp bought a new position in Edesa Biotech in the 4th quarter worth approximately $27,000. Diadema Partners LP purchased a new position in Edesa Biotech in the 4th quarter valued at approximately $77,000. Finally, DRW Securities LLC purchased a new position in Edesa Biotech in the 4th quarter valued at approximately $191,000. Hedge funds and other institutional investors own 5.50% of the company’s stock.

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.