Edesa Biotech (NASDAQ:EDSA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Edesa Biotech (NASDAQ:EDSA) from a strong sell rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on EDSA. Brookline Capital Markets raised shares of Edesa Biotech to a “strong-buy” rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Edesa Biotech in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Edesa Biotech Price Performance

Shares of Edesa Biotech stock opened at $4.11 on Friday. The stock’s 50 day simple moving average is $5.10 and its 200-day simple moving average is $7.01. The stock has a market cap of $39.62 million, a P/E ratio of -2.43 and a beta of 1.05. Edesa Biotech has a 1-year low of $0.72 and a 1-year high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.16). As a group, research analysts expect that Edesa Biotech will post -1.78 EPS for the current fiscal year.

Institutional Trading of Edesa Biotech

An institutional investor recently bought a new position in Edesa Biotech stock. Perceptive Advisors LLC bought a new stake in Edesa Biotech, Inc. (NASDAQ:EDSA) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned about 6.34% of Edesa Biotech at the end of the most recent reporting period. 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 biopharmaceutical company focused on developing therapies for inflammatory and immune-related diseases. The company’s research programs are centered on biologic and anti-inflammatory treatments intended to address conditions for which existing treatment options may be limited.

Edesa’s lead development program has included EB01, a topical, non-steroidal therapy being investigated for chronic allergic contact dermatitis, a persistent inflammatory skin condition.