Insider Buying: Edesa Biotech, Inc. (NASDAQ:EDSA) CEO Acquires $20,000.00 in Stock

Edesa Biotech, Inc. (NASDAQ:EDSA) CEO Pardeep Nijhawan acquired 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was acquired at an average price of $4.00 per share, for a total transaction of $20,000.00. Following the purchase, the chief executive officer now directly owns 341,702 shares in the company, valued at $1,366,808. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Edesa Biotech Trading Up 8.0 %

Shares of NASDAQ:EDSA opened at $4.45 on Thursday. The firm’s 50 day moving average price is $4.69 and its 200-day moving average price is $4.40. Edesa Biotech, Inc. has a twelve month low of $2.46 and a twelve month high of $8.61.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results on Friday, February 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.67. As a group, analysts predict that Edesa Biotech, Inc. will post -2.32 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective on shares of Edesa Biotech in a research note on Wednesday, February 14th.

Institutional Investors Weigh In On Edesa Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP purchased a new stake in Edesa Biotech in the 4th quarter worth approximately $52,000. CM Management LLC increased its holdings in Edesa Biotech by 11.4% in the 3rd quarter. CM Management LLC now owns 417,602 shares of the company’s stock worth $264,000 after acquiring an additional 42,602 shares in the last quarter. Cibc World Market Inc. purchased a new stake in Edesa Biotech in the 2nd quarter worth approximately $44,000. Millennium Management LLC purchased a new stake in Edesa Biotech in the 2nd quarter worth approximately $86,000. Finally, Renaissance Technologies LLC increased its holdings in Edesa Biotech by 150.2% in the 1st quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock worth $246,000 after acquiring an additional 49,700 shares in the last quarter. 5.50% of the stock is owned by hedge funds and other institutional investors.

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.