InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Down 27.1% in March

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 66,614 shares, a drop of 27.1% from the February 26th total of 91,422 shares. Approximately 2.3% of the shares of the company are sold short. Based on an average trading volume of 145,547 shares, the short-interest ratio is presently 0.5 days.

Institutional Investors Weigh In On InMed Pharmaceuticals

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

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ INM traded down $0.04 during midday trading on Monday, reaching $0.62. 28,008 shares of the company were exchanged, compared to its average volume of 237,469. The stock has a market cap of $1.80 million, a P/E ratio of -0.21 and a beta of 0.42. InMed Pharmaceuticals has a 1 year low of $0.59 and a 1 year high of $7.98. The stock has a fifty day simple moving average of $0.90 and a 200 day simple moving average of $1.39. The company has a current ratio of 5.94, a quick ratio of 5.30 and a debt-to-equity ratio of 0.01.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.51) earnings per share (EPS) for the quarter. The firm 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%.

Analyst Ratings Changes

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