Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Up 11.8% in February

Edesa Biotech, Inc. (NASDAQ:EDSAGet Free Report) saw a large increase in short interest in the month of February. As of February 29th, there was short interest totalling 17,000 shares, an increase of 11.8% from the February 14th total of 15,200 shares. Based on an average daily trading volume, of 27,200 shares, the short-interest ratio is presently 0.6 days. Approximately 0.7% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target on shares of Edesa Biotech in a research report on Wednesday, February 14th.

Check Out Our Latest Analysis on Edesa Biotech

Edesa Biotech Stock Down 2.1 %

Shares of NASDAQ EDSA opened at $4.30 on Tuesday. Edesa Biotech has a fifty-two week low of $2.46 and a fifty-two week high of $8.61. The firm’s 50-day simple moving average is $4.76 and its 200 day simple moving average is $4.47.

Edesa Biotech (NASDAQ:EDSAGet Free Report) last announced its quarterly earnings results on Friday, February 9th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.67. Sell-side analysts forecast that Edesa Biotech will post -2.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Edesa Biotech

Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP bought a new position in shares of Edesa Biotech during the 4th quarter worth approximately $52,000. CM Management LLC lifted its position in shares of Edesa Biotech by 11.4% during the 3rd quarter. CM Management LLC now owns 417,602 shares of the company’s stock worth $264,000 after buying an additional 42,602 shares in the last quarter. Cibc World Market Inc. bought a new position in shares of Edesa Biotech during the 2nd quarter worth approximately $44,000. Millennium Management LLC bought a new position in shares of Edesa Biotech during the 2nd quarter worth approximately $86,000. Finally, Renaissance Technologies LLC lifted its position in shares of Edesa Biotech by 150.2% during the 1st quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock worth $246,000 after buying an additional 49,700 shares in the last quarter. Institutional investors own 31.27% of the company’s stock.

About Edesa Biotech

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Edesa Biotech, Inc, a clinical-stage biopharmaceutical company, engages in the research and development, manufacture, and commercialization of pharmaceutical products for inflammatory and immune-related diseases. Its lead product candidates are EB05, a monoclonal antibody, which is in Phase 3 clinical study for the treatment of acute respiratory distress syndrome in Covid-19 patients; and EB01, a topical vanishing cream containing non-steroidal anti-inflammatory compound that has completed Phase 2b clinical study to treat chronic allergic contact dermatitis.

Further Reading

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