InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Rises 114.7%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 34,080 shares, a growth of 114.7% from the September 15th total of 15,876 shares. Based on an average trading volume of 78,901 shares, the short-interest ratio is presently 0.4 days. Currently, 1.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

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

InMed Pharmaceuticals Trading Down 0.7%

Shares of INM stock traded down $0.01 during trading hours on Tuesday, hitting $1.35. 21,840 shares of the company were exchanged, compared to its average volume of 861,569. InMed Pharmaceuticals has a 52-week low of $0.57 and a 52-week high of $2.33. The firm has a fifty day simple moving average of $1.39 and a 200 day simple moving average of $1.28. The stock has a market capitalization of $4.47 million, a price-to-earnings ratio of -0.82 and a beta of 0.93.

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

Insider Transactions at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were purchased at an average cost of $1.30 per share, with a total value of $70,532.80. Following the completion of the purchase, the insider owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This represents a 6.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have acquired 144,924 shares of company stock valued at $189,647. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Company Profile

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.