Edesa Biotech’s (EDSA) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Edesa Biotech (NASDAQ:EDSA) in a research note published on Thursday morning,Benzinga reports. HC Wainwright currently has a $21.00 price objective on the stock.

Edesa Biotech Price Performance

Shares of NASDAQ EDSA opened at $2.39 on Thursday. The firm’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $2.78. Edesa Biotech has a 12 month low of $1.55 and a 12 month high of $5.59. The stock has a market capitalization of $16.71 million, a price-to-earnings ratio of -1.28 and a beta of 0.77.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings data on Friday, February 14th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.17). During the same quarter in the prior year, the firm posted ($0.54) earnings per share. Analysts anticipate that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Edesa Biotech stock. Two Sigma Securities LLC purchased a new position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 15,313 shares of the company’s stock, valued at approximately $26,000. Two Sigma Securities LLC owned 0.44% of Edesa Biotech as of its most recent SEC filing. 5.50% of the stock is owned by institutional investors and hedge funds.

About Edesa Biotech

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.