Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Increases By 192.2%

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 48,500 shares, an increase of 192.2% from the October 31st total of 16,600 shares. Based on an average daily trading volume, of 23,300 shares, the days-to-cover ratio is presently 2.1 days. Approximately 2.2% of the company’s stock are sold short.

Edesa Biotech Stock Performance

NASDAQ EDSA opened at $2.44 on Friday. The firm has a 50-day moving average of $3.33 and a 200-day moving average of $4.10. Edesa Biotech has a 52-week low of $2.05 and a 52-week high of $6.46.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Edesa Biotech

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC increased its holdings in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 90,000 shares of the company’s stock after acquiring an additional 28,000 shares during the quarter. CM Management LLC owned about 2.80% of Edesa Biotech worth $385,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Edesa Biotech Company Profile

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.