Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Drops By 62.9%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant decline in short interest during the month of April. As of April 30th, there was short interest totaling 35,469 shares, a decline of 62.9% from the April 15th total of 95,636 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average trading volume of 30,538 shares, the short-interest ratio is currently 1.2 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

InMed Pharmaceuticals Trading Up 2.5%

NASDAQ INM traded up $0.02 on Thursday, reaching $0.65. 15,033 shares of the company were exchanged, compared to its average volume of 89,533. The business’s fifty day moving average price is $0.74 and its 200 day moving average price is $1.07. The stock has a market capitalization of $2.15 million, a P/E ratio of -0.22 and a beta of 0.57. InMed Pharmaceuticals has a fifty-two week low of $0.58 and a fifty-two week high of $7.98.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($94.44) by $93.75. The company had revenue of $1.26 million for the quarter, compared to analyst estimates of $1.20 million. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is owned by hedge funds and other institutional investors.

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.