Edesa Biotech (NASDAQ:EDSA) Rating Increased to Sell 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 report released on Saturday,Wall Street Zen reports.

Other research analysts have also recently issued reports about the company. Brookline Capital Markets raised Edesa Biotech to a “strong-buy” rating in a research report on Monday, June 29th. Weiss Ratings reiterated 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 issued a Sell rating to the stock. According to MarketBeat, Edesa Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Edesa Biotech Stock Performance

EDSA opened at $4.14 on Friday. The stock has a market capitalization of $39.91 million, a P/E ratio of -2.45 and a beta of 1.05. The company’s 50-day simple moving average is $5.15 and its two-hundred day simple moving average is $6.98. Edesa Biotech has a 52-week low of $0.72 and a 52-week high of $20.32.

Edesa Biotech (NASDAQ:EDSA) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.16). Research analysts forecast that Edesa Biotech will post -1.78 EPS for the current fiscal year.

Institutional Trading of Edesa Biotech

A hedge fund recently bought a new stake in Edesa Biotech stock. Perceptive Advisors LLC acquired a new stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned approximately 6.34% of Edesa Biotech as of its most recent SEC filing. Institutional investors and hedge funds own 5.50% of the company’s stock.

Edesa Biotech Company Profile

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.