Edesa Biotech (NASDAQ:EDSA) Upgraded by Wall Street Zen to Hold Rating

Edesa Biotech (NASDAQ:EDSA) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Separately, Weiss Ratings reissued 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 stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.00.

Edesa Biotech Price Performance

EDSA opened at $6.14 on Friday. The company has a market capitalization of $51.27 million, a PE 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 business has a 50-day moving average of $3.59 and a 200-day moving average of $2.50.

Edesa Biotech (NASDAQ:EDSA) last issued its quarterly earnings results on Friday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.28). The firm had revenue of $0.11 million for the quarter. On average, equities research analysts expect that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Edesa Biotech

In other news, CEO Pardeep Nijhawan purchased 30,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was bought at an average price of $2.22 per share, with a total value of $66,600.00. Following the acquisition, the chief executive officer directly owned 371,702 shares of the company’s stock, valued at approximately $825,178.44. This represents a 8.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have acquired 73,571 shares of company stock worth $184,142 over the last quarter. Company insiders own 22.60% of the company’s stock.

Institutional Trading of Edesa Biotech

Several hedge funds have recently added to or reduced their stakes in EDSA. Susquehanna International Group LLP bought a new position in Edesa Biotech during the third quarter worth about $36,000. State Street Corp acquired a new position in Edesa Biotech in the fourth quarter valued at about $27,000. Diadema Partners LP bought a new stake in shares of Edesa Biotech in the fourth quarter worth about $77,000. Finally, DRW Securities LLC bought a new stake in shares of Edesa Biotech in the fourth quarter worth about $191,000. Institutional investors and hedge funds 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.