Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Decreases By 57.4%

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large drop in short interest during the month of May. As of May 15th, there was short interest totaling 218,598 shares, a drop of 57.4% from the April 30th total of 513,538 shares. Based on an average daily volume of 363,030 shares, the days-to-cover ratio is currently 0.6 days. Approximately 3.3% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have recently commented on EDSA. Weiss Ratings reissued a “sell (e+)” rating on shares of Edesa Biotech in a report on Friday, March 27th. Wall Street Zen cut Edesa Biotech from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.00.

Edesa Biotech Stock Performance

EDSA stock traded up $0.38 during midday trading on Tuesday, hitting $7.07. 362,827 shares of the stock were exchanged, compared to its average volume of 356,490. The stock’s 50-day moving average price is $9.19 and its 200-day moving average price is $4.60. The stock has a market cap of $62.82 million, a price-to-earnings ratio of -5.03 and a beta of 1.26. Edesa Biotech has a fifty-two week low of $0.72 and a fifty-two week high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25). Research analysts anticipate that Edesa Biotech will post -1.57 EPS for the current year.

Insider Buying and Selling at Edesa Biotech

In related news, CEO Pardeep Nijhawan bought 10,000 shares of the stock in a transaction on Thursday, March 5th. The shares were bought at an average cost of $3.90 per share, for a total transaction of $39,000.00. Following the purchase, the chief executive officer owned 402,702 shares of the company’s stock, valued at $1,570,537.80. This trade represents a 2.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 24.40% of the company’s stock.

Institutional Investors Weigh In On Edesa Biotech

A number of institutional investors have recently added to or reduced their stakes in EDSA. Susquehanna International Group LLP purchased a new stake in Edesa Biotech during the third quarter valued at about $36,000. DRW Securities LLC purchased a new stake in Edesa Biotech during the fourth quarter valued at about $191,000. State Street Corp purchased a new stake in Edesa Biotech during the fourth quarter valued at about $27,000. Diadema Partners LP purchased a new stake in Edesa Biotech during the fourth quarter valued at about $77,000. Finally, Perceptive Advisors LLC purchased a new stake in Edesa Biotech during the first quarter valued at about $2,946,000. Hedge funds and other institutional investors own 5.50% of the company’s stock.

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.