Edesa Biotech (NASDAQ:EDSA) Stock Price Down 3.3% – Here’s What Happened

Edesa Biotech, Inc. (NASDAQ:EDSA)’s stock price fell 3.3% on Tuesday . The stock traded as low as $4.12 and last traded at $4.16. 10,812 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 10,639 shares. The stock had previously closed at $4.30.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price on shares of Edesa Biotech in a report on Tuesday, August 20th.

Edesa Biotech Stock Down 3.3 %

The company’s fifty day moving average is $4.40 and its two-hundred day moving average is $4.47.

Edesa Biotech (NASDAQ:EDSA) last issued its earnings results on Friday, August 9th. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.06. Equities analysts forecast that Edesa Biotech, Inc. will post -2.15 EPS for the current year.

Institutional Trading of Edesa Biotech

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC grew its stake in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,000 shares of the company’s stock after purchasing an additional 28,000 shares during the quarter. CM Management LLC owned approximately 2.80% of Edesa Biotech worth $385,000 as of its most recent filing with the Securities and Exchange Commission. 5.50% of the stock is owned by institutional investors and hedge funds.

About Edesa Biotech

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.