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.
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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.
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.