InMed Pharmaceuticals Inc. (NASDAQ:INM) Shares Shorted: Short Interest Down 48.4% in September

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 15,876 shares, a decrease of 48.4% from the August 31st total of 30,769 shares. Approximately 0.5% of the company’s stock are short sold. Based on an average trading volume of 44,850 shares, the short-interest ratio is currently 0.4 days.

Insider Buying and Selling

In related news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was bought at an average cost of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares in the company, valued at approximately $1,148,889.30. The trade was a 6.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have acquired 91,101 shares of company stock worth $118,063. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

InMed Pharmaceuticals Stock Down 1.8%

INM stock traded down $0.03 during trading on Thursday, hitting $1.33. 60,931 shares of the company’s stock traded hands, compared to its average volume of 896,831. The stock has a market capitalization of $4.42 million, a price-to-earnings ratio of -0.81 and a beta of 0.98. InMed Pharmaceuticals has a 52 week low of $0.57 and a 52 week high of $2.50. The stock has a fifty day moving average price of $1.43 and a two-hundred day moving average price of $1.25.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, InMed Pharmaceuticals presently has an average rating of “Sell”.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.