Active Stocks: Edesa Biotech, Inc [NASDAQ: EDSA] was a big mover in Thursday’s session. The clinical-stage biopharmaceutical company announced that Health Canada gave them the approval to begin a clinical study for EB02, a potential treatment for patients with grade I-III internal hemorrhoids.
For many of you readers and members that have been with me, you probably recall that I sent out an email report back on July 26, 2019, featuring EDSA when it was trading around $5.09. Well, yesterday EDSA hit a high of $7.90 for a potential gain of 55.2% since I sent out this email report on it. See the chart below in regards to EDSA.
Just yesterday alone, the stock shot up by a large gain to close the day at $5.98 after hitting a high of $7.90. The company has had a series of positive news in the last three months. In June, the company announced that the FDA had approved its study of EB01. EB01 is a Spla2 inhibitor that could be used in treating chronic allergic contact dermatitis. EDSA hopes that this could help in its long-term growth. At that time, the company announced that it will roll out the first patient study this quarter.
In mid-August, the company announced its quarterly results, and they indicated investments in research and development and related issues. R&D expenses increased from roughly $0.30 million to $0.50 million in the quarter ending June 30th. The company linked this to an increase in clinical expenses for Phase 2B clinical studies of EB01. Other expenses increased due to the administrative issues related to a reverse acquisition that the company did.
On the 29th of August, the company announced that its CEO, Dr. Par Nijhawan will be presenting at the H.C Wainwright 21st Annual Global Investment Conference. The conference will take place between September 8th and 10th in NYC. Other members of the company’s senior management will also be available for one-on-one meetings with investors during this conference.
Looking at its price action, the stock has eased up slightly in pre-market trading. At the time of writing, it has dropped by 2.34% to trade at $5.84. In yesterday’s session, the stock traded between $4.31 and $7.90. Volumes were quite high too, and stood at about 10.24 million in the day. At yesterday’s close, it had a market cap of about $42 million.