Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Drops By 62.9%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant drop in short interest during the month of April. As of April 30th, there was short interest totaling 35,469 shares, a drop of 62.9% from the April 15th total of 95,636 shares. Based on an average daily volume of 30,538 shares, the days-to-cover ratio is presently 1.2 days. Approximately 1.1% of the shares of the company are short sold.

InMed Pharmaceuticals Trading Up 2.5%

INM traded up $0.02 during trading on Thursday, hitting $0.65. The company’s stock had a trading volume of 15,033 shares, compared to its average volume of 89,533. InMed Pharmaceuticals has a twelve month low of $0.58 and a twelve month high of $7.98. The business’s fifty day simple moving average is $0.74 and its 200 day simple moving average is $1.07. The firm has a market capitalization of $2.15 million, a price-to-earnings ratio of -0.22 and a beta of 0.57.

InMed Pharmaceuticals (NASDAQ:INM) last issued 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. The company had revenue of $1.26 million for the quarter, compared to analyst estimates of $1.20 million. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises approximately 0.6% of Sabby Management LLC’s portfolio, making the stock its 12th largest position. Sabby Management LLC owned 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.

Analyst Upgrades and Downgrades

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

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.