Edesa Biotech (NASDAQ:EDSA) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Edesa Biotech (NASDAQ:EDSA) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $21.00 target price on the stock.

Edesa Biotech Stock Performance

Edesa Biotech stock opened at $2.38 on Thursday. Edesa Biotech has a 1 year low of $1.55 and a 1 year high of $5.59. The firm’s 50-day moving average is $2.08 and its 200-day moving average is $2.81. The company has a market cap of $16.64 million, a P/E ratio of -1.27 and a beta of 0.77.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data on Friday, February 14th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.17). During the same period in the previous year, the business posted ($0.54) EPS. As a group, sell-side analysts predict that Edesa Biotech will post -1.75 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Edesa Biotech stock. Citadel Advisors LLC bought a new position in Edesa Biotech, Inc. (NASDAQ:EDSA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 40,944 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned 1.18% of Edesa Biotech at the end of the most recent reporting period. 5.50% of the stock is owned by hedge funds and other institutional investors.

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.