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

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a large decrease in short interest in April. As of April 30th, there was short interest totaling 35,469 shares, a decrease of 62.9% from the April 15th total of 95,636 shares. Based on an average daily trading volume, of 30,538 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, InMed Pharmaceuticals presently has a consensus rating of “Sell”.

InMed Pharmaceuticals Price Performance

Shares of InMed Pharmaceuticals stock traded down $0.01 during trading on Friday, hitting $0.64. 10,326 shares of the company’s stock traded hands, compared to its average volume of 24,157. The firm’s fifty day moving average price is $0.73 and its 200 day moving average price is $1.06. InMed Pharmaceuticals has a twelve month low of $0.58 and a twelve month high of $7.98. The company has a market cap of $2.12 million, a PE ratio of -0.22 and a beta of 0.57.

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

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd 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 investment portfolio, making the stock its 12th largest position. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC). 20.12% of the stock is currently owned by institutional investors.

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.