Shares of the EDSA stock were gloomy today after a significant gain in the previous trade. EDSA stock price saw a downtrend of 17.91% to drop at $9.79 a share at the time of this writing. The trading volume as of now was 4,713,807. Let’s try to figure out the reason behind this drop.
Edesa Biotech is the clinical-stage biopharmaceutical stock that operates by manufacturing and commercialization of pharmaceutical products in order to treat inflammatory and immune-related diseases.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
What’s Happening?
There is no news associated with this drop in today’s date. No analyst has downgraded or decreased the per-share price of the EDSA stock. It seems that profit-takers have stepped in after the significant gain in the per share price of EDSA stock.
Edesa stock yesterday did announce positive results from the Phase 2-part Phase 2/3 clinical study. Investors responded to this news positively which resulted in a significant increase in the per share price of EDSA stock. The phase 2/3 clinical study evaluated Edesa’s monoclonal antibody candidate EB05 to treat hospitalized COVID-19 patients with a single dose.
According to results from phase 2 analysis, EB05 showed well tolerance and consistency with the observed safety profile. https://zudayogaeast.com/ Moreover, one patient group showed robust signals or mortality reduction at 28 days. EDSA stock is now planning to review the full dataset.
Financial View of EDSA stock:
Back in August, EDSA stock did announce fiscal third-quarter 2021 financial results according to which
- EDSA stock spent $4.46 million in research and development expenses for the three months ended June 30, 2021. This represents an increase of $3.32 million from $1.14 million in the same tenure of the previous year. The increase was due to external research expenses connected with recruitment and enrollment in Edesa’s ongoing clinical trials.
- General and administrative expenses reached $1.61 million in the recently reported quarter. It represents an increase of $0.88 million from $0.73 million in the same quarter of last year. The increase was mainly due to non-cash share-based compensation, high salary, and related personnel expenses.
- Total other income reached $1.31 million as compared to less than $0.01 million in the same tenure of the previous year.
- Edesa stock suffered a net loss of $4.76 million, or $0.36 per common share in the three months ended June 30, 2021. The previous year’s same quarter loss was $1.77 million, or $0.20 per common share.
Conclusion:
After recording a huge gain, Edesa stock is now gloomy in the Nasdaq stock market. This usually happens but for the long-term investors, the company’s fundamental and future developments are more important. However short-term investors feel the heat of such rises and falls.
