Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Expands By 9,253.7%

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large growth in short interest in 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. Currently, 21.8% of the company’s stock 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. Currently, 21.8% of the company’s stock are sold short.

Insider Activity

In other Edesa Biotech news, CEO Pardeep Nijhawan acquired 10,000 shares of Edesa Biotech stock in a transaction that occurred on Thursday, March 5th. The stock was acquired at an average price of $3.90 per share, with a total value of $39,000.00. Following the purchase, the chief executive officer owned 402,702 shares in the company, valued at approximately $1,570,537.80. This trade represents a 2.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have acquired 71,571 shares of company stock valued at $181,002. 22.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edesa Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in EDSA. State Street Corp bought a new position in shares of Edesa Biotech in the fourth quarter worth about $27,000. Susquehanna International Group LLP bought a new stake in Edesa Biotech during the 3rd quarter valued at approximately $36,000. Diadema Partners LP bought a new stake in Edesa Biotech during the 4th quarter valued at approximately $77,000. Finally, DRW Securities LLC acquired a new stake in Edesa Biotech in the 4th quarter valued at approximately $191,000. 5.50% of the stock is owned by institutional investors and hedge funds.

Edesa Biotech Trading Down 3.4%

Shares of NASDAQ:EDSA traded down $0.24 during trading on Tuesday, reaching $6.90. The stock had a trading volume of 1,841,044 shares, compared to its average volume of 12,047,675. The stock has a fifty day simple moving average of $1.72 and a two-hundred day simple moving average of $1.97. Edesa Biotech has a 52 week low of $0.72 and a 52 week high of $8.74.

Edesa Biotech (NASDAQ:EDSA) last posted its quarterly earnings data on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.28). The firm had revenue of $0.10 million for the quarter. Equities analysts anticipate that Edesa Biotech will post -1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Edesa Biotech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.00.

About Edesa Biotech

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.