Edesa Biotech (NASDAQ:EDSA) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Edesa Biotech (NASDAQ:EDSA) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.00.

Edesa Biotech Trading Down 10.7%

NASDAQ EDSA opened at $13.05 on Friday. Edesa Biotech has a 12 month low of $0.72 and a 12 month high of $20.32. The stock has a market cap of $116.01 million, a P/E ratio of -9.74 and a beta of 1.26. The stock’s fifty day moving average price is $8.53 and its 200-day moving average price is $4.01.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results on Thursday, May 14th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.25). The firm had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.05 million. As a group, analysts forecast that Edesa Biotech will post -0.97 earnings per share for the current fiscal year.

Insider Activity at Edesa Biotech

In other Edesa Biotech news, CEO Pardeep Nijhawan acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were bought at an average cost of $3.90 per share, with a total value of $39,000.00. Following the completion of the transaction, the chief executive officer directly owned 402,702 shares of the company’s stock, valued at approximately $1,570,537.80. This represents a 2.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired 73,571 shares of company stock worth $184,142 over the last 90 days. Company insiders own 24.40% of the company’s stock.

Institutional Investors Weigh In On Edesa Biotech

Institutional investors have recently modified their holdings of the business. State Street Corp purchased a new position in Edesa Biotech in the fourth quarter worth about $27,000. Susquehanna International Group LLP purchased a new position in Edesa Biotech in the third quarter worth about $36,000. Diadema Partners LP purchased a new position in Edesa Biotech in the fourth quarter worth about $77,000. Finally, DRW Securities LLC purchased a new position in Edesa Biotech in the fourth quarter worth about $191,000. 5.50% of the stock is owned by hedge funds and other institutional investors.

Edesa Biotech Company Profile

Edesa Biotech, Inc is a clinical-stage biotechnology company focused on the discovery and development of next-generation vaccines and immunotherapies. The company leverages a proprietary self-amplifying RNA platform to create candidates designed for both intranasal and injectable administration. Edesa’s approach aims to elicit robust mucosal and systemic immune responses, with applications spanning infectious diseases and immuno-oncology.

Among Edesa’s pipeline programs is a lead intranasal vaccine candidate targeting SARS-CoV-2, currently advancing through early-stage clinical trials.