Edesa Biotech (EDSA) Stock Skyrockets 108.93% Thursday; Files Application for Phase 2/3 COVID-19 Study

Thursday, July 30, 2020 1:12 PM | Neal Farmer

Edesa Biotech Inc (EDSA) is up 108.93% today after filing an IND application for its Phase 2/3 COVID-19 study. Edesa filed its new drug application with the FDA for its investigational drug, EB05. EB05 is used to help the treatment of patients hospitalized due to COVID-19. EB05 is an experimental antibody that can potentially regulate the overactive immune response associated with Acute Respiratory Distress Syndrome, the leading cause of death in COVID-19 patients.

Edesa already received approval for the trial in Canada and is now seeking U.S. approval for site selection and patient enrollment. The stock has doubled in price since the announcement as investors continue to pay close attention to the biotech industry in the race to find a COVID-19 vaccine as well as drugs to improve those already infected by the virus.

EDSA stock has risen 123.16% over the last 12 months, and the average rating from Wall Street analysts is a Strong Buy. InvestorsObserver’s proprietary scoring system, gives EDSA stock a score of 76 out of a possible 100.

That score is influenced by a long-term technical score of 87. EDSA’s score also includes a fundamental score of 87. In addition to the average rating from Wall Street analysts, EDSA stock has a mean target price of 13. This means analysts expect the stock to add 19.38% over the next 12 months. The short-term technical score for EDSA is 55.

What’s Happening with EDSA Stock Today

Edesa Biotech Inc (EDSA) stock has risen 108.93% while the S&P 500 has fallen -0.49% as of 12:51 PM on Thursday, Jul 30. EDSA has risen $5.68 from the previous closing price of $5.21 on volume of 37,216,387 shares. Over the past year the S&P 500 is up 8.79% while EDSA has risen 123.16%. EDSA lost -$0.72 per share in the over the last 12 months.

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