Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Drops By 46.0%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 49,600 shares, a decline of 46.0% from the May 15th total of 91,900 shares. Based on an average daily volume of 1,280,000 shares, the short-interest ratio is presently 0.0 days. Currently, 7.0% of the shares of the stock are sold short.

InMed Pharmaceuticals Price Performance

Shares of INM stock traded down $0.16 during mid-day trading on Monday, hitting $2.37. 149,733 shares of the stock traded hands, compared to its average volume of 554,635. InMed Pharmaceuticals has a twelve month low of $1.72 and a twelve month high of $15.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.44 and a current ratio of 3.05. The company’s 50-day simple moving average is $2.79 and its 200-day simple moving average is $3.36. The firm has a market cap of $2.86 million, a price-to-earnings ratio of -0.17 and a beta of 0.17.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings results on Monday, May 12th. The company reported ($1.94) earnings per share for the quarter. InMed Pharmaceuticals had a negative net margin of 163.75% and a negative return on equity of 90.74%. The business had revenue of $1.26 million during the quarter.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.