Why EDSA Stock – Edesa Biotech is soaring today? Short Information

EDSA CATALYST

EDSA is up more than 80% in a single day trading after they announce “positive Phase 2 data of its monoclonal antibody in hospitalized COVID-19 patients. Critically ill patients demonstrated a 68.5% reduction in the risk of dying when treated with EB05 over the standard of care.

“The strong effect in reducing death in the most critically ill hospitalized patients who have been treated with systemic corticosteroids, including dexamethasone, and IL-6 inhibitors, shows the potential life-saving impact of this drug, irrespective of SARS-CoV-2 variant,” said Par Nijhawan, CEO of Edesa Biotech.

There are about 22 institutions holding this stock which is also positive news.

SHORT DATA

With not many shares available to short, the catalyst and massive volume pumped the stock to more than 80% today. The Short Interest float is only 1% but the fundamental catalyst did make the stock price go higher.