Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Decreases By 57.5%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 30,769 shares, a drop of 57.5% from the August 15th total of 72,430 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 102,103 shares, the short-interest ratio is presently 0.3 days.

Analyst Ratings Changes

Separately, Weiss Ratings lowered InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter. 20.12% of the stock is owned by institutional investors and hedge funds.

InMed Pharmaceuticals Price Performance

Shares of InMed Pharmaceuticals stock traded up $0.01 on Monday, hitting $1.30. 58,455 shares of the company’s stock traded hands, compared to its average volume of 957,665. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.50. The company has a fifty day moving average of $1.49 and a two-hundred day moving average of $1.21. The company has a market capitalization of $4.30 million, a price-to-earnings ratio of -0.45 and a beta of 0.98.

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

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.