InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Large Growth in Short Interest

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 114,500 shares, an increase of 1,011.7% from the March 31st total of 10,300 shares. Based on an average daily trading volume, of 350,700 shares, the short-interest ratio is currently 0.3 days.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Armistice Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 205,968 shares of the company’s stock, valued at approximately $86,000. Armistice Capital LLC owned about 3.92% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

InMed Pharmaceuticals Price Performance

Shares of NASDAQ INM opened at $0.23 on Friday. The stock has a 50 day simple moving average of $0.35 and a 200-day simple moving average of $0.40. The company has a current ratio of 7.03, a quick ratio of 6.59 and a debt-to-equity ratio of 0.06. InMed Pharmaceuticals has a 12-month low of $0.23 and a 12-month high of $2.08.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings results on Tuesday, February 13th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $1.24 million for the quarter. InMed Pharmaceuticals had a negative net margin of 115.76% and a negative return on equity of 54.31%.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.