InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Rises 114.7%

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 34,080 shares, an increase of 114.7% from the September 15th total of 15,876 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily volume of 78,901 shares, the days-to-cover ratio is presently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has an average rating of “Sell”.

Insiders Place Their Bets

In other news, major shareholder Adar1 Capital Management, Llc bought 54,256 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were purchased at an average cost of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares in the company, valued at $1,148,889.30. This represents a 6.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 144,924 shares of company stock worth $189,647 over the last three months. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. Institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Trading Down 0.7%

INM traded down $0.01 during trading on Tuesday, reaching $1.35. 21,840 shares of the company’s stock were exchanged, compared to its average volume of 861,569. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.33. The firm has a fifty day moving average price of $1.39 and a two-hundred day moving average price of $1.28. The stock has a market capitalization of $4.47 million, a PE ratio of -0.82 and a beta of 0.93.

InMed Pharmaceuticals (NASDAQ:INM) last announced its earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share (EPS) for the quarter.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.