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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant decrease in short interest in January. As of January 15th, there was short interest totaling 122,759 shares, a decrease of 28.6% from the December 31st total of 171,984 shares. Based on an average daily trading volume, of 76,248 shares, the short-interest ratio is presently 1.6 days. Currently, 4.4% of the shares of the company are sold short. Currently, 4.4% of the shares of the company are sold short. Based on an average daily trading volume, of 76,248 shares, the short-interest ratio is presently 1.6 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals makes up about 0.6% of Sabby Management LLC’s holdings, making the stock its 12th biggest holding. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. Institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Stock Performance

INM opened at $1.10 on Friday. The company has a market cap of $3.08 million, a price-to-earnings ratio of -0.18 and a beta of 0.33. The firm’s fifty day simple moving average is $1.21 and its two-hundred day simple moving average is $1.83. The company has a quick ratio of 6.37, a current ratio of 6.95 and a debt-to-equity ratio of 0.02. InMed Pharmaceuticals has a 52-week low of $1.03 and a 52-week high of $7.98.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter. InMed Pharmaceuticals had a negative net margin of 171.13% and a negative return on equity of 85.91%. The company had revenue of $1.12 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued 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 MarketBeat.com, the company presently has a consensus 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.