InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Drops 80.5%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 6,634 shares, a decrease of 80.5% from the September 30th total of 34,080 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 34,106 shares, the days-to-cover ratio is presently 0.2 days.

InMed Pharmaceuticals Trading Up 10.4%

INM stock opened at $1.59 on Tuesday. The stock has a market cap of $5.26 million, a P/E ratio of -0.97 and a beta of 0.93. InMed Pharmaceuticals has a twelve month low of $0.57 and a twelve month high of $2.33. The company’s 50 day moving average is $1.37 and its two-hundred day moving average is $1.20.

InMed Pharmaceuticals (NASDAQ:INM) last issued its earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share (EPS) for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Insiders Place Their Bets

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was bought at an average cost of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 155,580 shares of company stock valued at $203,799 in the last 90 days. 0.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by hedge funds and other institutional investors.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.