InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Down 27.1% in March

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 66,614 shares, a decrease of 27.1% from the February 26th total of 91,422 shares. Based on an average daily volume of 145,547 shares, the days-to-cover ratio is presently 0.5 days. Currently, 2.3% of the shares of the stock are short sold.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC bought a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises approximately 0.6% of Sabby Management LLC’s portfolio, making the stock its 12th largest holding. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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, Based on data from MarketBeat.com, InMed Pharmaceuticals currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ:INM opened at $0.62 on Tuesday. 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 has a 1-year low of $0.59 and a 1-year high of $7.98. The stock has a market capitalization of $1.80 million, a P/E ratio of -0.21 and a beta of 0.42. The business has a 50-day moving average price of $0.90 and a two-hundred day moving average price of $1.39.

InMed Pharmaceuticals (NASDAQ:INM) last issued its earnings results on Thursday, February 12th. The company reported ($0.51) earnings per share (EPS) for the quarter. InMed Pharmaceuticals had a negative net margin of 170.08% and a negative return on equity of 73.63%. The business had revenue of $0.82 million during the quarter.

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.