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

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 19,500 shares, a growth of 10.2% from the March 15th total of 17,700 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 13,800 shares, the short-interest ratio is currently 1.4 days.

Edesa Biotech Price Performance

Edesa Biotech stock opened at $4.35 on Wednesday. The firm has a 50 day moving average of $4.65 and a 200 day moving average of $4.26. Edesa Biotech has a 12-month low of $2.46 and a 12-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. Sell-side analysts predict that Edesa Biotech will post -2.32 earnings per share for the current year.

Analysts Set New Price Targets

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

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

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.