InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Large Growth in Short Interest

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant growth in short interest in January. As of January 30th, there was short interest totaling 165,213 shares, a growth of 34.6% from the January 15th total of 122,759 shares. Based on an average trading volume of 77,406 shares, the short-interest ratio is currently 2.1 days. Currently, 5.9% of the company’s stock are short sold. Currently, 5.9% of the company’s stock are short sold. Based on an average trading volume of 77,406 shares, the short-interest ratio is currently 2.1 days.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. Institutional investors and hedge funds own 20.12% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

InMed Pharmaceuticals Stock Performance

NASDAQ INM traded down $0.01 during trading on Friday, reaching $0.88. 51,879 shares of the company’s stock were exchanged, compared to its average volume of 68,050. The business has a 50 day moving average price of $1.14 and a 200-day moving average price of $1.71. The stock has a market capitalization of $2.57 million, a P/E ratio of -0.15 and a beta of 0.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.94 and a quick ratio of 6.37. InMed Pharmaceuticals has a fifty-two week low of $0.87 and a fifty-two week high of $7.98.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings data on Wednesday, February 11th. The company reported ($0.51) earnings per share (EPS) for the quarter. The business had revenue of $0.82 million during the quarter. InMed Pharmaceuticals had a negative net margin of 170.08% and a negative return on equity of 73.63%.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, that is dedicated to the discovery and development of novel therapeutics derived from cannabinoids. Leveraging a proprietary drug discovery engine, the company works to identify, design and optimize cannabinoid-based molecules with the goal of addressing diseases that have significant unmet medical needs. InMed’s integrated business model combines research, development and manufacturing capabilities under one roof to streamline the progression of promising assets from preclinical studies into human trials.

The company’s pipeline features multiple lead programs targeting both neurological and dermatological disorders.