Edesa Biotech (NASDAQ:EDSA) Shares Down 0.4% – Time to Sell?

Edesa Biotech, Inc. (NASDAQ:EDSA) shares were down 0.4% on Thursday . The stock traded as low as $5.30 and last traded at $5.66. 93,800 shares were traded during trading, an increase of 45% from the average daily volume of 64,851 shares. The stock had previously closed at $5.68.

Analyst Ratings Changes

Several research firms recently issued reports on EDSA. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research report on Wednesday, June 24th. Wall Street Zen upgraded Edesa Biotech from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Brookline Capital Markets raised Edesa Biotech to a “strong-buy” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

Edesa Biotech Stock Performance

The business’s fifty day moving average price is $7.45 and its 200-day moving average price is $5.98. The stock has a market cap of $54.51 million, a PE ratio of -4.22 and a beta of 1.03.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.25). Analysts forecast that Edesa Biotech, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Edesa Biotech

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp bought a new position in shares of Edesa Biotech during the 4th quarter valued at $27,000. Susquehanna International Group LLP bought a new stake in shares of Edesa Biotech in the third quarter worth $36,000. Diadema Partners LP purchased a new stake in Edesa Biotech during the fourth quarter valued at $77,000. DRW Securities LLC purchased a new stake in Edesa Biotech during the fourth quarter valued at $191,000. Finally, Perceptive Advisors LLC bought a new position in Edesa Biotech in the first quarter valued at about $2,946,000. 5.50% of the stock is currently owned by hedge funds and other institutional investors.

About Edesa Biotech

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.