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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 150,000 shares, a growth of 252.9% from the May 31st total of 42,500 shares. Based on an average daily volume of 841,300 shares, the short-interest ratio is currently 0.2 days.

Institutional Inflows and Outflows

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

InMed Pharmaceuticals Price Performance

Shares of NASDAQ INM remained flat at $0.27 during midday trading on Thursday. The stock had a trading volume of 468,875 shares, compared to its average volume of 527,884. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.58 and a quick ratio of 5.80. InMed Pharmaceuticals has a 12-month low of $0.21 and a 12-month high of $2.08. The stock has a 50 day moving average price of $0.27 and a 200-day moving average price of $0.33.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.18) earnings per share for the quarter. The business had revenue of $1.17 million during the quarter. InMed Pharmaceuticals had a negative return on equity of 53.42% and a negative net margin of 108.02%.

InMed Pharmaceuticals Company Profile

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.