Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Update

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 21,500 shares, a decline of 39.4% from the November 30th total of 35,500 shares. Based on an average trading volume of 30,500 shares, the short-interest ratio is presently 0.7 days. Approximately 0.9% of the shares of the stock are short sold.

Edesa Biotech Stock Performance

Shares of NASDAQ:EDSA opened at $1.81 on Friday. The firm has a fifty day moving average of $2.43 and a 200 day moving average of $3.76. Edesa Biotech has a 52-week low of $1.55 and a 52-week high of $5.99. The firm has a market capitalization of $6.28 million, a PE ratio of -0.94 and a beta of 0.77.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings data on Friday, December 13th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.25. On average, sell-side analysts forecast that Edesa Biotech will post -1.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC lifted its stake in Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,000 shares of the company’s stock after buying an additional 28,000 shares during the period. CM Management LLC owned approximately 2.80% of Edesa Biotech worth $385,000 as of its most recent SEC filing. Institutional investors and hedge funds own 5.50% of the company’s stock.

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.