InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Significant Drop in Short Interest

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant drop in short interest in February. As of February 27th, there was short interest totaling 91,422 shares, a drop of 23.6% from the February 12th total of 119,632 shares. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is presently 3.6 days. Approximately 3.2% of the shares of the stock are short sold. Approximately 3.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is presently 3.6 days.

InMed Pharmaceuticals Trading Down 3.6%

NASDAQ:INM traded down $0.03 during trading hours on Friday, hitting $0.77. 18,194 shares of the stock were exchanged, compared to its average volume of 87,981. The company has a market capitalization of $2.25 million, a P/E ratio of -0.27 and a beta of 0.42. The company has a quick ratio of 5.30, a current ratio of 5.94 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $0.99 and its two-hundred day moving average is $1.51. InMed Pharmaceuticals has a twelve month low of $0.73 and a twelve month high of $7.98.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent disclosure with the Securities and 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 filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 20.12% of the company’s stock.

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.