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

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 37,500 shares, a decrease of 85.2% from the July 31st total of 253,200 shares. Based on an average trading volume of 6,910,000 shares, the days-to-cover ratio is currently 0.0 days.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ:INM traded up $0.02 during trading on Tuesday, hitting $0.40. The company’s stock had a trading volume of 1,162,409 shares, compared to its average volume of 2,941,385. The company has a 50-day moving average of $0.24 and a 200-day moving average of $0.29. 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 $0.12 and a 12 month high of $2.08.

Institutional Inflows and Outflows

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) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 205,968 shares of the company’s stock, valued at approximately $86,000. Armistice Capital LLC owned approximately 3.92% of InMed Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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.