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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant drop in short interest in the month of February. As of February 13th, there was short interest totaling 119,632 shares, a drop of 27.6% from the January 29th total of 165,213 shares. Currently, 4.1% of the company’s stock are short sold. Based on an average daily volume of 62,048 shares, the short-interest ratio is presently 1.9 days. Based on an average daily volume of 62,048 shares, the short-interest ratio is presently 1.9 days. Currently, 4.1% of the company’s stock are short sold.

Institutional Inflows and Outflows

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) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 SEC. 20.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

InMed Pharmaceuticals Price Performance

Shares of INM opened at $0.85 on Friday. The firm has a market capitalization of $2.48 million, a price-to-earnings ratio of -0.29 and a beta of 0.41. The firm’s fifty day simple moving average is $1.05 and its 200-day simple moving average is $1.61. InMed Pharmaceuticals has a twelve month low of $0.85 and a twelve month high of $7.98. 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 issued its earnings results on Wednesday, February 11th. The company reported ($0.51) EPS for the quarter. The firm had revenue of $0.82 million for the quarter. InMed Pharmaceuticals had a negative return on equity of 73.63% and a negative net margin of 170.08%.

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.