Edesa Biotech, Inc. (NASDAQ:EDSA) Sees Significant Increase in Short Interest

Edesa Biotech, Inc. (NASDAQ:EDSA) was the recipient of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 852,100 shares, a growth of 4,942.0% from the January 31st total of 16,900 shares. Currently, 15.5% of the company’s shares are sold short. Based on an average trading volume of 1,830,000 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Edesa Biotech stock. Citadel Advisors LLC purchased a new stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 40,944 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned 1.18% of Edesa Biotech at the end of the most recent reporting period. 5.50% of the stock is owned by hedge funds and other institutional investors.

Edesa Biotech Trading Down 2.3 %

Edesa Biotech stock opened at $2.14 on Friday. The firm has a market cap of $14.84 million, a P/E ratio of -1.14 and a beta of 0.85. Edesa Biotech has a 1-year low of $1.55 and a 1-year high of $5.59. The firm has a 50-day moving average of $1.98 and a 200-day moving average of $2.96.

Edesa Biotech (NASDAQ:EDSA) last issued its quarterly earnings data on Friday, February 14th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.17). During the same period in the previous year, the company posted ($0.54) earnings per share. Research analysts forecast that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

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.