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

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

Edesa Biotech Stock Up 6.1 %

Shares of Edesa Biotech stock opened at $2.44 on Friday. Edesa Biotech has a 12 month low of $2.05 and a 12 month high of $6.46. The stock’s fifty day simple moving average is $3.33 and its 200 day simple moving average is $4.10.

Institutional Investors Weigh In On Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC grew its stake in Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,000 shares of the company’s stock after acquiring an additional 28,000 shares during the period. CM Management LLC owned 2.80% of Edesa Biotech worth $385,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.