Edesa Biotech (NASDAQ:EDSA) Shares Up 4.7% – Here’s Why

Shares of Edesa Biotech, Inc. (NASDAQ:EDSA) traded up 4.7% on Monday . The company traded as high as $2.22 and last traded at $2.20. 7,410 shares traded hands during trading, a decline of 48% from the average session volume of 14,185 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued a $21.00 price objective on shares of Edesa Biotech in a research report on Tuesday, August 20th.

Edesa Biotech Stock Performance

The business’s 50-day moving average price is $3.71 and its two-hundred day moving average price is $4.24.

Hedge Funds Weigh In On Edesa Biotech

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC grew its position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,000 shares of the company’s stock after buying an additional 28,000 shares during the period. CM Management LLC owned about 2.80% of Edesa Biotech worth $385,000 as of its most recent SEC filing. Hedge funds and other institutional investors 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.