Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Large Increase in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 48,500 shares, a growth of 192.2% from the October 31st total of 16,600 shares. Based on an average trading volume of 23,300 shares, the short-interest ratio is presently 2.1 days. Approximately 2.2% of the shares of the company are sold short.

Edesa Biotech Stock Up 6.1 %

Shares of EDSA stock opened at $2.44 on Friday. Edesa Biotech has a 12-month low of $2.05 and a 12-month high of $6.46. The stock’s 50-day moving average price is $3.33 and its 200-day moving average price is $4.10.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Edesa Biotech in a research report on Tuesday, August 20th.

Institutional Investors Weigh In On Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC boosted its stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,000 shares of the company’s stock after acquiring an additional 28,000 shares during the quarter. CM Management LLC owned about 2.80% of Edesa Biotech worth $385,000 as of its most recent SEC filing. Institutional investors own 5.50% of the company’s stock.

Edesa Biotech Company Profile

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.