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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large increase in short interest in May. As of May 29th, there was short interest totaling 134,109 shares, an increase of 404.2% from the May 14th total of 26,599 shares. Based on an average daily trading volume, of 10,761,101 shares, the short-interest ratio is currently 0.0 days. Approximately 4.1% of the company’s stock are sold short.

Insider Activity at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc bought 468,551 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the acquisition, the insider owned 800,000 shares in the company, valued at approximately $1,232,000. This represents a 141.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by institutional investors.

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 equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, InMed Pharmaceuticals currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Price Performance

NASDAQ:INM traded down $0.02 during mid-day trading on Wednesday, hitting $1.51. 41,918 shares of the company’s stock were exchanged, compared to its average volume of 995,121. InMed Pharmaceuticals has a one year low of $0.58 and a one year high of $5.50. The business has a fifty day moving average price of $0.99 and a 200 day moving average price of $1.03. The company has a market cap of $5.00 million, a PE ratio of -0.52 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($94.44) by $93.75. InMed Pharmaceuticals had a negative net margin of 132.87% and a negative return on equity of 80.85%.

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.