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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totaling 122,759 shares, a decrease of 28.6% from the December 31st total of 171,984 shares. Based on an average daily volume of 76,248 shares, the days-to-cover ratio is presently 1.6 days. Approximately 4.4% of the shares of the company are short sold. Approximately 4.4% of the shares of the company are short sold. Based on an average daily volume of 76,248 shares, the days-to-cover ratio is presently 1.6 days.

InMed Pharmaceuticals Stock Up 2.8%

NASDAQ:INM opened at $1.10 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.95 and a quick ratio of 6.37. The company’s fifty day moving average price is $1.21 and its 200-day moving average price is $1.83. InMed Pharmaceuticals has a 1-year low of $1.03 and a 1-year high of $7.98. The firm has a market capitalization of $3.08 million, a P/E ratio of -0.18 and a beta of 0.33.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) EPS for the quarter. The business had revenue of $1.12 million during the quarter. InMed Pharmaceuticals had a negative net margin of 171.13% and a negative return on equity of 85.91%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for approximately 0.6% of Sabby Management LLC’s investment portfolio, making the stock its 12th biggest position. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

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.