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

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 134,109 shares, a growth of 404.2% from the May 14th total of 26,599 shares. Based on an average trading volume of 10,761,101 shares, the short-interest ratio is presently 0.0 days. Approximately 4.1% of the shares of the company are sold short.

InMed Pharmaceuticals Trading Down 3.8%

NASDAQ INM traded down $0.06 on Friday, hitting $1.52. 38,972 shares of the company traded hands, compared to its average volume of 978,012. The company has a market capitalization of $5.03 million, a price-to-earnings ratio of -0.53 and a beta of 0.98. The business’s 50 day moving average price is $1.02 and its 200-day moving average price is $1.04. InMed Pharmaceuticals has a 52-week low of $0.58 and a 52-week high of $5.50.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Insider Buying and Selling at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc acquired 468,551 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $1.54 per share, with a total value of $721,568.54. Following the completion of the acquisition, the insider directly owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. The trade was a 141.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Vivo Opportunity, Llc acquired 32,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was purchased at an average cost of $1.52 per share, with a total value of $49,400.00. Following the acquisition, the insider directly owned 718,444 shares of the company’s stock, valued at $1,092,034.88. This trade represents a 4.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 717,778 shares of company stock valued at $1,113,123 in the last ninety days. 0.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals makes up 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest position. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

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.