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

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 30,769 shares, a decline of 57.5% from the August 15th total of 72,430 shares. Based on an average daily volume of 102,103 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.9% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 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 SEC filing. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings cut InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock traded down $0.02 during trading on Tuesday, reaching $1.28. The company had a trading volume of 79,056 shares, compared to its average volume of 73,476. InMed Pharmaceuticals has a fifty-two week low of $0.57 and a fifty-two week high of $2.50. The firm’s fifty day moving average is $1.48 and its 200-day moving average is $1.21. The company has a market cap of $4.24 million, a price-to-earnings ratio of -0.44 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) earnings per share for 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.