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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant growth in short interest during 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 currently 0.0 days. Approximately 4.1% of the shares of the stock are short sold.

Insider Buying and Selling

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc purchased 468,551 shares of InMed Pharmaceuticals stock in a transaction on Tuesday, May 19th. The shares were acquired at an average cost of $1.54 per share, for a total transaction of $721,568.54. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by insiders.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals makes up 0.6% of Sabby Management LLC’s portfolio, making the stock its 12th largest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

InMed Pharmaceuticals Price Performance

NASDAQ INM traded down $0.02 on Wednesday, reaching $1.51. 41,918 shares of the company’s stock traded hands, compared to its average volume of 995,121. InMed Pharmaceuticals has a 12 month low of $0.58 and a 12 month high of $5.50. The stock has a market cap of $5.00 million, a PE ratio of -0.52 and a beta of 0.98. The stock has a 50-day simple moving average of $0.99 and a 200 day simple moving average of $1.03.

InMed Pharmaceuticals (NASDAQ:INM) last issued its earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share (EPS) 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%.

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.