Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Grows By 1,011.7%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 114,500 shares, a growth of 1,011.7% from the March 31st total of 10,300 shares. Based on an average daily volume of 350,700 shares, the days-to-cover ratio is currently 0.3 days.

InMed Pharmaceuticals Stock Down 16.8 %

INM stock traded down $0.05 during trading on Thursday, reaching $0.25. 618,726 shares of the company traded hands, compared to its average volume of 314,442. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.03 and a quick ratio of 6.59. The business has a 50 day simple moving average of $0.35 and a 200 day simple moving average of $0.40. InMed Pharmaceuticals has a 12 month low of $0.25 and a 12 month high of $2.08.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings results on Tuesday, February 13th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $1.24 million during the quarter. InMed Pharmaceuticals had a negative return on equity of 54.31% and a negative net margin of 115.76%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Armistice Capital LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 205,968 shares of the company’s stock, valued at approximately $86,000. Armistice Capital LLC owned about 3.92% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.