Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Declines By 87.4%

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 107,300 shares, a decline of 87.4% from the February 13th total of 852,100 shares. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is currently 0.1 days. Currently, 1.8% of the company’s shares are sold short.

Edesa Biotech Price Performance

Shares of NASDAQ:EDSA traded up $0.01 during trading hours on Friday, hitting $2.39. The company’s stock had a trading volume of 11,488 shares, compared to its average volume of 2,427,959. Edesa Biotech has a 52 week low of $1.55 and a 52 week high of $5.59. The company has a market capitalization of $16.71 million, a price-to-earnings ratio of -1.28 and a beta of 0.77. The firm’s fifty day moving average price is $2.08 and its 200 day moving average price is $2.81.

Edesa Biotech (NASDAQ:EDSA) last posted its quarterly earnings data on Friday, February 14th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.17). During the same period in the previous year, the company posted ($0.54) EPS. On average, equities research analysts predict that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Edesa Biotech stock. Two Sigma Securities LLC acquired a new position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 15,313 shares of the company’s stock, valued at approximately $26,000. Two Sigma Securities LLC owned approximately 0.44% of Edesa Biotech as of its most recent SEC filing. Institutional investors own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of Edesa Biotech in a research report on Thursday.

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.