Edesa Biotech, Inc. (NASDAQ:EDSA) Short Interest Up 192.2% in November

Edesa Biotech, Inc. (NASDAQ:EDSA) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 48,500 shares, an increase of 192.2% from the October 31st total of 16,600 shares. Approximately 2.2% of the shares of the company are sold short. Based on an average daily volume of 23,300 shares, the days-to-cover ratio is presently 2.1 days.

Edesa Biotech Trading Up 4.1 %

NASDAQ:EDSA opened at $2.30 on Thursday. The company’s fifty day moving average price is $3.41 and its 200-day moving average price is $4.12. Edesa Biotech has a 1-year low of $2.05 and a 1-year high of $6.46.

Institutional Investors Weigh In On Edesa Biotech

An institutional investor recently raised its position in Edesa Biotech stock. CM Management LLC grew its position in shares of Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 SEC filing. Hedge funds and other institutional investors own 5.50% of the company’s stock.

Analysts Set New Price Targets

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

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.