Edesa Biotech (NASDAQ:EDSA) Shares Down 1.6%

Shares of Edesa Biotech, Inc. (NASDAQ:EDSA) fell 1.6% on Tuesday . The stock traded as low as $4.31 and last traded at $4.36. 6,861 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 10,231 shares. The stock had previously closed at $4.43.

Analysts Set New Price Targets

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

Edesa Biotech Trading Down 1.6 %

The firm’s 50 day moving average price is $4.61 and its two-hundred day moving average price is $4.47.

Edesa Biotech (NASDAQ:EDSA) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.06. Research analysts expect that Edesa Biotech, Inc. will post -2.15 EPS for the current fiscal year.

Institutional Trading of Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC boosted its position in Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,000 shares of the company’s stock after purchasing an additional 28,000 shares during the period. CM Management LLC owned about 2.80% of Edesa Biotech worth $385,000 as of its most recent filing with the Securities & Exchange Commission. 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.