Edesa Biotech (NASDAQ:EDSA) Shares Down 16.2% – Here’s Why

Shares of Edesa Biotech, Inc. (NASDAQ:EDSA) were down 16.2% on Monday. The stock traded as low as $2.87 and last traded at $2.94. 81,606 shares traded hands during trading, an increase of 107% from the average session volume of 39,482 shares. The stock had previously closed at $3.51.

Analyst Ratings Changes

EDSA has been the subject of several recent analyst reports. Brookline Capital Markets upgraded Edesa Biotech to a “strong-buy” rating in a report on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Edesa Biotech in a report on Monday, September 21st. Finally, Wall Street Zen upgraded Edesa Biotech from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Edesa Biotech Stock Performance

The business has a 50-day simple moving average of $4.46 and a two-hundred day simple moving average of $6.70. The stock has a market cap of $25.55 million, a price-to-earnings ratio of -1.57 and a beta of 1.20.

Edesa Biotech (NASDAQ:EDSA) last released its earnings results on Thursday, August 13th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.16). On average, analysts expect that Edesa Biotech, Inc. will post -1.99 earnings per share for the current fiscal year.

Institutional Trading of Edesa Biotech

A hedge fund recently bought a new position in Edesa Biotech stock. Perceptive Advisors LLC purchased a new stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 563,239 shares of the company’s stock, valued at approximately $2,946,000. Perceptive Advisors LLC owned about 6.34% of Edesa Biotech as of its most recent filing with the Securities and Exchange Commission (SEC). 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 therapeutics for inflammatory and immune-mediated diseases. The company does not have any marketed products and concentrates on advancing investigational treatments through clinical development and regulatory evaluation.

Edesa’s lead program has been EB01, a topical therapy being developed for chronic hand eczema, a painful inflammatory skin condition that can significantly affect patients’ daily activities.