Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Increases By 34.6%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant increase in short interest during 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. Currently, 5.9% of the shares of the company are sold short. Based on an average daily trading volume, of 77,406 shares, the short-interest ratio is currently 2.1 days. 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 shares of the company are sold short.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed 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, According to MarketBeat, the company has an average rating of “Sell”.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 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. Institutional investors and hedge funds own 20.12% of the company’s stock.

InMed Pharmaceuticals Price Performance

Shares of NASDAQ INM traded down $0.03 during mid-day trading on Tuesday, reaching $0.85. The company’s stock had a trading volume of 14,763 shares, compared to its average volume of 70,825. The stock has a 50-day moving average of $1.13 and a two-hundred day moving average of $1.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.30 and a current ratio of 5.94. The stock has a market capitalization of $2.48 million, a P/E ratio of -0.14 and a beta of 0.40. InMed Pharmaceuticals has a 1-year low of $0.85 and a 1-year high of $7.98.

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

InMed Pharmaceuticals Company Profile

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.