InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Report for September

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 34,080 shares, a growth of 114.7% from the September 15th total of 15,876 shares. Based on an average trading volume of 78,901 shares, the short-interest ratio is presently 0.4 days. Approximately 1.0% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

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

InMed Pharmaceuticals Trading Down 1.5%

Shares of InMed Pharmaceuticals stock traded down $0.02 during trading on Wednesday, reaching $1.31. The company’s stock had a trading volume of 29,799 shares, compared to its average volume of 857,416. The stock has a 50-day moving average price of $1.38 and a two-hundred day moving average price of $1.29. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.33. The stock has a market capitalization of $4.34 million, a P/E ratio of -0.80 and a beta of 0.93.

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

Insider Activity

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average cost of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at $1,148,889.30. The trade was a 6.54% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased a total of 144,924 shares of company stock valued at $189,647 in the last three months. 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. Montanova Capital LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is currently owned by institutional investors.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.