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 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. Based on an average trading volume of 13,800 shares, the short-interest ratio is presently 1.4 days. Currently, 0.8% of the company’s shares are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP purchased a new position in shares of Edesa Biotech during the fourth quarter worth $52,000. CM Management LLC raised its stake in shares of Edesa Biotech by 11.4% in the third quarter. CM Management LLC now owns 417,602 shares of the company’s stock valued at $264,000 after acquiring an additional 42,602 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of Edesa Biotech in the second quarter valued at $44,000. Millennium Management LLC acquired a new stake in shares of Edesa Biotech in the second quarter valued at $86,000. Finally, Renaissance Technologies LLC raised its stake in shares of Edesa Biotech by 150.2% in the first quarter. Renaissance Technologies LLC now owns 82,800 shares of the company’s stock valued at $246,000 after acquiring an additional 49,700 shares in the last quarter. 5.50% of the stock is currently owned by hedge funds and other institutional investors.

Edesa Biotech Stock Performance

EDSA opened at $4.35 on Wednesday. Edesa Biotech has a 52 week low of $2.46 and a 52 week high of $8.61. The business has a fifty day simple moving average of $4.65 and a 200-day simple moving average of $4.26.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings results on Friday, February 9th. The company reported ($0.54) EPS for the quarter, topping the consensus estimate of ($1.21) by $0.67. On average, equities analysts forecast that Edesa Biotech will post -2.32 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.