Short Interest in Edesa Biotech, Inc. (NASDAQ: EDSA) Declines 21.3%
Edesa Biotech, Inc. (NASDAQ: EDSA) was the target of a significant drop in short interest rates during the month of December. As of December 15, there was short interest totaling 270,100 shares, down 21.3% from the total of 343,100 shares as of November 30. Based on an average daily volume of 322,200 shares, the short-term interest rate is currently 0.8 days. About 3.6% of the company’s shares are sold short.
Separately, HC Wainwright began covering Edesa Biotech in a research report on Monday, December 20. They set a “buy” rating and a target price of $ 16.00 for the stock.
Institutional investors have recently increased or reduced their stakes in the company. UBS Group AG increased its stake in Edesa Biotech shares by 42.1% in the third quarter. UBS Group AG now owns 5,369 shares of the company valued at $ 39,000 after purchasing an additional 1,590 shares during the period. Verition Fund Management LLC acquired a new position in shares of Edesa Biotech in the third quarter valued at approximately $ 100,000. 180 Wealth Advisors LLC acquired a new position in shares of Edesa Biotech in the second quarter valued at approximately $ 70,000. Dimensional Fund Advisors LP acquired a new position in shares of Edesa Biotech in the third quarter valued at approximately $ 115,000. Finally, Virtu Financial LLC increased its stake in Edesa Biotech shares by 17.4% in the second quarter. Virtu Financial LLC now owns 18,938 shares of the company valued at $ 100,000 after purchasing an additional 2,800 shares during the period. Institutional investors own 1.98% of the shares of the company.
EDSA stock opened at $ 5.38 on Friday. Edesa Biotech has a twelve month minimum of $ 4.15 and a twelve month maximum of $ 12.00. The stock has a market cap of $ 72.74 million, a P / E ratio of -4.98 and a beta of 0.56. The company’s 50-day mobile average price is $ 6.32, and its 200-day mobile average price is $ 6.10.
Edesa Biotech (NASDAQ: EDSA) last released its quarterly results on Tuesday, December 28. The company reported ($ 0.27) earnings per share for the quarter, beating Thomson Reuters’ consensus estimate of ($ 0.37) by $ 0.10. As a group, stock analysts predict that Edsa Biotech will post earnings per share of -1.32 for the current year.
Edesa Biotech Company Profile
Edesa Biotech, Inc is a biopharmaceutical company, which focuses on the acquisition, development and commercialization of clinical stage drugs for inflammatory and immune diseases with clearly unmet medical needs. The Company’s product candidate, EB01, is a nonsteroidal anti-inflammatory drug for chronic allergic contact dermatitis (CDA), a common and potentially debilitating condition and occupational disease.
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