Edesa Biotech (NASDAQ:EDSA) shares are on the rise today on the back of promising results from the Phase 2 part of its Phase 2/ Phase 3 study evaluating Edesa’s EB05 candidate for the treatment of hospitalized patients that may or may not be at risk of COVID-19 induced Acute Respiratory Distress Syndrome (ARDS).
The treatment showed a statistically significant and clinically meaningful trend for mortality and survival time. Further, a revised analysis indicated EB05 plus standard of care delivered an 84% reduction in mortality risk versus placebo.
Edesa’s Phase 3 study design for the treatment has already received approval in Canada, Colombia, and Poland and is under review in the U.S.
Is EDSA Stock a Buy?
The Street remains cautiously optimistic about Edesa stock at present with a Moderate Buy consensus rating.
While EDSA stock has not been assigned a target price by analysts yet, a beta of 3.14 means the stock can gyrate more than the broader market, and caution is warranted.
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