Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Rises By 38.2%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large increase in short interest during 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. Currently, 2.8% of the company’s stock are short sold. Based on an average daily volume of 273,146 shares, the days-to-cover ratio is presently 0.3 days.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Price Performance

NASDAQ INM opened at $0.70 on Friday. InMed Pharmaceuticals has a 52 week low of $0.58 and a 52 week high of $7.98. The firm has a market capitalization of $2.32 million, a P/E ratio of -0.24 and a beta of 0.52. The company has a quick ratio of 5.30, a current ratio of 5.94 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $0.80 and a 200-day moving average price of $1.26.

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

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.