InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Update

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

InMed Pharmaceuticals Stock Down 1.1%

Shares of NASDAQ INM traded down $0.01 during midday trading on Monday, hitting $0.88. 51,879 shares of the company’s stock were exchanged, compared to its average volume of 66,793. The firm’s fifty day simple moving average is $1.14 and its 200-day simple moving average is $1.70. The company has a market cap of $2.57 million, a PE ratio of -0.15 and a beta of 0.40. InMed Pharmaceuticals has a twelve month low of $0.87 and a twelve month high of $7.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.94 and a quick ratio of 5.30.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by hedge funds and other institutional investors.

About InMed Pharmaceuticals

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.