InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Drops 80.5%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 6,634 shares, a decline of 80.5% from the September 30th total of 34,080 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 34,106 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Insider Activity

In other news, major shareholder Adar1 Capital Management, Llc bought 54,256 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average price of $1.30 per share, with a total value of $70,532.80. Following the purchase, the insider 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders acquired 155,580 shares of company stock valued at $203,799. 0.85% of the stock is currently owned by insiders.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. Institutional investors and hedge funds own 20.12% of the company’s stock.

InMed Pharmaceuticals Price Performance

INM opened at $1.59 on Tuesday. InMed Pharmaceuticals has a 12 month low of $0.57 and a 12 month high of $2.33. The stock has a market capitalization of $5.26 million, a price-to-earnings ratio of -0.97 and a beta of 0.93. The business has a fifty day moving average price of $1.37 and a 200 day moving average price of $1.20.

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

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.