InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Large Decline in Short Interest

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 119,632 shares, a drop of 27.6% from the January 29th total of 165,213 shares. Approximately 4.1% of the company’s shares are sold short. Based on an average daily volume of 62,048 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily volume of 62,048 shares, the days-to-cover ratio is currently 1.9 days. Approximately 4.1% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, InMed Pharmaceuticals has a consensus rating of “Sell”.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock opened at $0.85 on Friday. The stock has a market capitalization of $2.48 million, a price-to-earnings ratio of -0.29 and a beta of 0.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.94 and a quick ratio of 5.30. The business has a 50-day moving average of $1.05 and a 200 day moving average of $1.61. InMed Pharmaceuticals has a 12 month low of $0.85 and a 12 month high of $7.98.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.51) earnings per share (EPS) for the quarter. InMed Pharmaceuticals had a negative return on equity of 73.63% and a negative net margin of 170.08%.The business had revenue of $0.82 million for the quarter.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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.