Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Decreases By 32.5%

Key Points

• Short interest fell 32.5% to 267,664 shares as of April 15, leaving a short-interest ratio of about 1.0 days and roughly 4.0% of the float sold short.
• Shares surged to $14.26 on heavy volume (4.03M vs. a 3.54M average), trading well above its 50‑day ($5.29) and 200‑day ($2.94) moving averages and giving the company a market cap of about $126.8M.
• CEO Pardeep Nijhawan bought 10,000 shares at $3.90 and insiders now own 24.4% of the company, while analysts hold a consensus "Hold" rating with an average target price of $5.00.

Edesa Biotech, Inc. (NASDAQ:EDSA - Get Free Report) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 267,664 shares, a decrease of 32.5% from the March 31st total of 396,830 shares. Based on an average daily volume of 266,842 shares, the short-interest ratio is currently 1.0 days. Currently, 4.0% of the shares of the stock are short sold.

Edesa Biotech Stock Performance

Shares of EDSA traded up $3.09 during mid-day trading on Tuesday, reaching $14.26. The company had a trading volume of 4,029,974 shares, compared to its average volume of 3,539,798. The company's 50 day simple moving average is $5.29 and its 200 day simple moving average is $2.94. Edesa Biotech has a 1-year low of $0.72 and a 1-year high of $15.50. The company has a market capitalization of $126.77 million, a price-to-earnings ratio of -12.40 and a beta of -0.68.

Edesa Biotech (NASDAQ:EDSA - Get Free Report) last posted its quarterly earnings results on Friday, February 13th. The company reported ($0.28) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.28). The company had revenue of $0.11 million during the quarter. As a group, equities analysts forecast that Edesa Biotech will post -0.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

EDSA has been the subject of several recent analyst reports. Wall Street Zen upgraded Edesa Biotech from a "sell" rating to a "hold" rating in a research note on Sunday, April 5th. Weiss Ratings restated a "sell (e+)" rating on shares of Edesa Biotech in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $5.00.

Insiders Place Their Bets

In other Edesa Biotech news, CEO Pardeep Nijhawan bought 10,000 shares of the business's stock in a transaction on Thursday, March 5th. The stock was purchased at an average cost of $3.90 per share, for a total transaction of $39,000.00. Following the completion of the purchase, the chief executive officer directly owned 402,702 shares of the company's stock, valued at approximately $1,570,537.80. This trade represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders acquired 73,571 shares of company stock worth $184,142 in the last three months. 24.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edesa Biotech

Several hedge funds have recently added to or reduced their stakes in EDSA. Susquehanna International Group LLP acquired a new stake in Edesa Biotech during the 3rd quarter worth approximately $36,000. DRW Securities LLC acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $191,000. State Street Corp acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $27,000. Finally, Diadema Partners LP acquired a new stake in Edesa Biotech during the 4th quarter worth approximately $77,000. 5.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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