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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a large decline in short interest in September. As of September 15th, there was short interest totaling 15,876 shares, a decline of 48.4% from the August 31st total of 30,769 shares. Based on an average daily volume of 44,850 shares, the short-interest ratio is currently 0.4 days. Currently, 0.5% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a 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 a consensus rating of “Sell”.

Insider Activity

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80. Following the transaction, the insider owned 883,761 shares of the company’s stock, valued at $1,148,889.30. This trade represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders purchased 92,708 shares of company stock valued at $120,554. 0.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC). 20.12% of the stock is currently owned by institutional investors.

InMed Pharmaceuticals Trading Down 1.1%

Shares of NASDAQ INM traded down $0.01 during midday trading on Wednesday, reaching $1.36. The company’s stock had a trading volume of 50,656 shares, compared to its average volume of 901,252. The stock has a 50 day simple moving average of $1.44 and a 200-day simple moving average of $1.25. The stock has a market capitalization of $4.51 million, a price-to-earnings ratio of -0.83 and a beta of 0.98. InMed Pharmaceuticals has a fifty-two week low of $0.57 and a fifty-two week high of $2.50.

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

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.