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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 91,422 shares, a decline of 23.6% from the February 12th total of 119,632 shares. Based on an average daily volume of 25,417 shares, the short-interest ratio is presently 3.6 days. Approximately 3.2% of the company’s shares are sold short. Approximately 3.2% of the company’s shares are sold short. Based on an average daily volume of 25,417 shares, the short-interest ratio is presently 3.6 days.

InMed Pharmaceuticals Trading Down 3.6%

Shares of INM traded down $0.03 during trading hours on Friday, reaching $0.77. The stock had a trading volume of 18,194 shares, compared to its average volume of 87,981. The firm has a 50-day moving average of $0.99 and a 200 day moving average of $1.51. InMed Pharmaceuticals has a 52 week low of $0.73 and a 52 week high of $7.98. The company has a quick ratio of 5.30, a current ratio of 5.94 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.25 million, a P/E ratio of -0.27 and a beta of 0.42.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.51) earnings per share 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.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to its most recent disclosure 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 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

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.