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

Edesa Biotech, Inc. (NASDAQ:EDSA) shot up 4.7% on Monday . The company traded as high as $2.22 and last traded at $2.20. 7,410 shares changed hands 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 target price on shares of Edesa Biotech in a research note on Tuesday, August 20th.

Edesa Biotech Stock Performance

The stock’s 50 day moving average is $3.67 and its two-hundred day moving average is $4.22.

Institutional Investors Weigh In On Edesa Biotech

A hedge fund recently raised its stake in Edesa Biotech stock. CM Management LLC grew its stake in Edesa Biotech, Inc. (NASDAQ:EDSA) by 45.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,000 shares of the company’s stock after buying an additional 28,000 shares during the quarter. CM Management LLC owned 2.80% of Edesa Biotech worth $385,000 at the end of the most recent reporting period. 5.50% of the stock is currently owned by institutional investors.

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.