Edesa Biotech (NASDAQ:EDSA) Trading 4.7% Higher – Here’s Why

Edesa Biotech, Inc. (NASDAQ:EDSA)’s share price shot up 4.7% during trading on Monday . The company traded as high as $2.22 and last traded at $2.20. 7,410 shares were traded during mid-day trading, a decline of 48% from the average session volume of 14,185 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

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

Edesa Biotech Stock Up 0.5 %

The firm’s fifty day moving average is $3.67 and its 200 day moving average is $4.22.

Institutional Trading of Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC increased its holdings in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 90,000 shares of the company’s stock after acquiring an additional 28,000 shares during the period. CM Management LLC owned about 2.80% of Edesa Biotech worth $385,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Edesa Biotech Company Profile

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.