InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Update

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 66,614 shares, a decline of 27.1% from the February 26th total of 91,422 shares. Based on an average daily volume of 145,547 shares, the days-to-cover ratio is currently 0.5 days. Currently, 2.3% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 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 filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 20.12% of the company’s stock.

InMed Pharmaceuticals Trading Down 3.7%

Shares of InMed Pharmaceuticals stock opened at $0.66 on Friday. InMed Pharmaceuticals has a fifty-two week low of $0.59 and a fifty-two week high of $7.98. The business’s fifty day moving average is $0.91 and its two-hundred day moving average is $1.41. 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 firm has a market cap of $1.91 million, a PE ratio of -0.23 and a beta of 0.42.

InMed Pharmaceuticals (NASDAQ:INM) last released its 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 during 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.