InMed Pharmaceuticals Inc. (NASDAQ:INM) Shares Shorted: Short Interest Up 855.8% in October

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant growth in short interest during the month of October. As of October 30th, there was short interest totaling 63,409 shares, a growth of 855.8% from the October 15th total of 6,634 shares. Based on an average trading volume of 69,634 shares, the days-to-cover ratio is currently 0.9 days. Approximately 19.3% of the company’s shares are sold short.

InMed Pharmaceuticals Trading Down 6.8%

NASDAQ INM opened at $14.50 on Friday. The company has a fifty day simple moving average of $14.05 and a two-hundred day simple moving average of $12.24. InMed Pharmaceuticals has a 12-month low of $5.75 and a 12-month high of $23.30. The stock has a market cap of $47.99 million, a P/E ratio of -8.84 and a beta of 0.94.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings results on Wednesday, September 9th. The company reported ($12.43) earnings per share for the quarter.

Insiders Place Their Bets

In related news, major shareholder Adar1 Capital Management, Llc purchased 5,425 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $70,525.00. Following the completion of the transaction, the insider directly owned 88,376 shares in the company, valued at $1,148,888. This represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders acquired 15,553 shares of company stock worth $203,733. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INM. Guggenheim assumed coverage on InMed Pharmaceuticals in a research report on Monday. They set a “buy” rating and a $42.00 target price for the company. Weiss Ratings cut shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $42.00.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc. is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions. InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.