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

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 1,411,103 shares, a growth of 9,253.7% from the February 12th total of 15,086 shares. Approximately 21.8% of the shares of the company are sold short. Based on an average daily volume of 13,657,948 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 13,657,948 shares, the days-to-cover ratio is currently 0.1 days. Approximately 21.8% of the shares of the company are sold short.

Insider Activity

In related news, CEO Pardeep Nijhawan bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was bought at an average price of $3.90 per share, for a total transaction of $39,000.00. Following the purchase, the chief executive officer owned 402,702 shares in the company, valued at $1,570,537.80. This represents a 2.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have bought 71,571 shares of company stock worth $181,002. Company insiders own 22.60% of the company’s stock.

Institutional Trading of Edesa Biotech

Institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new position in shares of Edesa Biotech during the 3rd quarter worth approximately $36,000. DRW Securities LLC acquired a new stake in shares of Edesa Biotech in the fourth quarter valued at approximately $191,000. State Street Corp bought a new stake in shares of Edesa Biotech in the fourth quarter valued at approximately $27,000. Finally, Diadema Partners LP bought a new stake in shares of Edesa Biotech in the fourth quarter valued at approximately $77,000. Institutional investors own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Edesa Biotech currently has an average rating of “Hold” and a consensus target price of $5.00.

Edesa Biotech Price Performance

EDSA stock opened at $6.90 on Wednesday. Edesa Biotech has a fifty-two week low of $0.72 and a fifty-two week high of $8.74. The stock has a market capitalization of $57.62 million, a price-to-earnings ratio of -6.00 and a beta of 0.05. The business’s fifty day moving average price is $1.83 and its two-hundred day moving average price is $2.00.

Edesa Biotech (NASDAQ:EDSA) last announced its earnings results on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.28). The business had revenue of $0.10 million during the quarter. Research analysts expect that Edesa Biotech will post -1.75 EPS for the current year.

Edesa Biotech Company Profile

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.