Edesa Biotech (NASDAQ:EDSA) Upgraded by Wall Street Zen to Hold Rating
by Michael Walen · The Markets DailyWall Street Zen upgraded shares of Edesa Biotech (NASDAQ:EDSA – Free Report) from a sell rating to a hold rating in a research note issued to investors on Sunday.
Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Edesa Biotech has an average rating of “Hold” and a consensus target price of $5.00.
Get Our Latest Analysis on EDSA
Edesa Biotech Stock Performance
Shares of NASDAQ EDSA opened at $6.14 on Friday. The stock has a market cap of $51.27 million, a price-to-earnings ratio of -5.34 and a beta of -0.68. Edesa Biotech has a fifty-two week low of $0.72 and a fifty-two week high of $9.37. The firm’s 50-day simple moving average is $3.59 and its 200 day simple moving average is $2.50.
Edesa Biotech (NASDAQ:EDSA – Get Free Report) last issued its quarterly earnings data on Friday, February 13th. The company reported ($0.28) EPS for the quarter, hitting analysts’ consensus estimates of ($0.28). The company had revenue of $0.11 million for the quarter. On average, sell-side analysts predict that Edesa Biotech will post -1.75 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Pardeep Nijhawan acquired 30,000 shares of Edesa Biotech stock in a transaction on Friday, February 27th. The stock was acquired at an average cost of $2.22 per share, with a total value of $66,600.00. Following the transaction, the chief executive officer owned 371,702 shares of the company’s stock, valued at approximately $825,178.44. This trade represents a 8.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought 73,571 shares of company stock worth $184,142 in the last 90 days. 22.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Edesa Biotech
Several hedge funds have recently modified their holdings of EDSA. Susquehanna International Group LLP purchased a new position in shares of Edesa Biotech in the 3rd quarter worth approximately $36,000. DRW Securities LLC purchased a new stake in shares of Edesa Biotech during the fourth quarter valued at approximately $191,000. State Street Corp purchased a new stake in shares of Edesa Biotech during the fourth quarter valued at approximately $27,000. Finally, Diadema Partners LP bought a new stake in Edesa Biotech during the fourth quarter worth $77,000. Institutional investors own 5.50% of the company’s stock.
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.