Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Expands By 404.2%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant increase in short interest during the month of 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. Currently, 4.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 10,761,101 shares, the short-interest ratio is presently 0.0 days.

InMed Pharmaceuticals Stock Performance

InMed Pharmaceuticals stock traded up $0.07 during midday trading on Thursday, hitting $1.58. 30,742 shares of the company’s stock were exchanged, compared to its average volume of 5,062,421. InMed Pharmaceuticals has a 12 month low of $0.58 and a 12 month high of $5.50. The firm has a 50-day moving average of $1.02 and a two-hundred day moving average of $1.04. The company has a market cap of $5.23 million, a PE ratio of -0.55 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last issued its earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share (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%.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, InMed Pharmaceuticals presently has an average rating of “Sell”.

Key InMed Pharmaceuticals News

Here are the key news stories impacting InMed Pharmaceuticals this week:

• Positive Sentiment: Major shareholder Vivo Opportunity, LLC continued buying INM shares across several transactions in late May and early June, including the latest 6,743-share purchase. Repeated insider accumulation often supports investor optimism. Article Title
• Neutral Sentiment: INM remains a small-cap biotech with weak fundamentals, including negative earnings and negative net margin, so the stock’s move is still highly speculative. Stock Quote
• Negative Sentiment: Despite the insider buying, Wall Street sentiment is still cautious, with the stock carrying an overall “Sell” rating, which may cap enthusiasm. Weiss Ratings

Insider Activity at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Vivo Opportunity, Llc purchased 32,500 shares of InMed Pharmaceuticals stock in a transaction that occurred on Monday, June 8th. The shares were bought at an average price of $1.52 per share, for a total transaction of $49,400.00. Following the completion of the transaction, the insider owned 718,444 shares of the company’s stock, valued at approximately $1,092,034.88. This trade represents a 4.74% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Adar1 Capital Management, Llc purchased 468,551 shares of InMed Pharmaceuticals stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the transaction, the insider directly owned 800,000 shares of the company’s stock, valued at $1,232,000. The trade was a 141.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 717,778 shares of company stock worth $1,113,123. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 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. 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.