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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 91,422 shares, a decrease of 23.6% from the February 12th total of 119,632 shares. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is currently 3.6 days. Approximately 3.2% of the shares of the stock are short sold. Approximately 3.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is currently 3.6 days.

InMed Pharmaceuticals Trading Up 11.8%

InMed Pharmaceuticals stock traded up $0.09 during mid-day trading on Monday, reaching $0.86. The company had a trading volume of 109,960 shares, compared to its average volume of 86,289. The business has a fifty day simple moving average of $0.99 and a 200 day simple moving average of $1.50. InMed Pharmaceuticals has a fifty-two week low of $0.73 and a fifty-two week high of $7.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.30 and a current ratio of 5.94.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.51) earnings per share (EPS) for the quarter. InMed Pharmaceuticals had a negative return on equity of 73.63% and a negative net margin of 170.08%.The company had revenue of $0.82 million for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, InMed Pharmaceuticals currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for 0.6% of Sabby Management LLC’s investment portfolio, making the stock its 12th largest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 20.12% of the company’s stock.

About InMed Pharmaceuticals

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.