Edesa Biotech (NASDAQ:EDSA) Shares Down 0.2% – Here’s Why

Edesa Biotech, Inc. (NASDAQ:EDSA)’s stock price traded down 0.2% during mid-day trading on Wednesday . The company traded as low as $4.72 and last traded at $4.72. Approximately 32,006 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 89,469 shares. The stock had previously closed at $4.73.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Edesa Biotech in a report on Wednesday, June 24th. Brookline Capital Markets upgraded shares of Edesa Biotech to a “strong-buy” rating in a research note on Monday, June 29th. Finally, Wall Street Zen downgraded shares of Edesa Biotech from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $5.00.

Edesa Biotech Stock Performance

The firm has a 50-day moving average price of $5.53 and a two-hundred day moving average price of $6.91. The firm has a market cap of $40.78 million, a price-to-earnings ratio of -2.50 and a beta of 1.05.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.16). Research analysts anticipate that Edesa Biotech, Inc. will post -1.78 earnings per share for the current year.

Institutional Investors Weigh In On Edesa Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of EDSA. Susquehanna International Group LLP purchased a new position in shares of Edesa Biotech during the third quarter worth about $36,000. State Street Corp purchased a new stake in shares of Edesa Biotech in the 4th quarter valued at about $27,000. Diadema Partners LP purchased a new stake in shares of Edesa Biotech in the 4th quarter valued at about $77,000. DRW Securities LLC acquired a new stake in shares of Edesa Biotech in the 4th quarter valued at about $191,000. Finally, Perceptive Advisors LLC acquired a new stake in shares of Edesa Biotech in the 1st 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.