InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Update
by Amy Steele · The Cerbat GemInMed Pharmaceuticals Inc. (NASDAQ:INM – Get Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 92,063 shares, an increase of 38.2% from the March 15th total of 66,614 shares. Approximately 2.8% of the company’s shares are short sold. Based on an average daily volume of 273,146 shares, the days-to-cover ratio is currently 0.3 days.
Hedge Funds Weigh In On InMed Pharmaceuticals
An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals makes up approximately 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest position. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. Institutional investors and hedge funds own 20.12% of the company’s stock.
Analyst Ratings Changes
Separately, Weiss Ratings restated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.
InMed Pharmaceuticals Trading Down 0.3%
Shares of INM stock traded down $0.00 on Wednesday, reaching $0.71. The company had a trading volume of 58,605 shares, compared to its average volume of 175,715. The stock has a market cap of $2.36 million, a PE ratio of -0.25 and a beta of 0.52. The company has a 50-day moving average of $0.80 and a 200-day moving average of $1.27. The company has a current ratio of 5.94, a quick ratio of 5.30 and a debt-to-equity ratio of 0.01. InMed Pharmaceuticals has a 12 month low of $0.58 and a 12 month high of $7.98.
InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $0.82 million for the quarter. InMed Pharmaceuticals had a negative return on equity of 73.63% and a negative net margin of 170.08%.
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.