InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Down 23.6% in February
by Tristan Rich · The Markets DailyInMed Pharmaceuticals Inc. (NASDAQ:INM – Get Free Report) was the recipient of a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 91,422 shares, a drop of 23.6% from the February 12th total of 119,632 shares. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.2% of the shares of the stock are short sold. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 25,417 shares, the days-to-cover ratio is presently 3.6 days.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.
Get Our Latest Stock Analysis on INM
Institutional Trading of InMed Pharmaceuticals
An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises 0.6% of Sabby Management LLC’s investment portfolio, making the stock its 12th biggest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. 20.12% of the stock is owned by institutional investors.
InMed Pharmaceuticals Stock Performance
Shares of INM stock traded down $0.03 during mid-day trading on Friday, hitting $0.77. The company’s stock had a trading volume of 18,194 shares, compared to its average volume of 86,289. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.30 and a current ratio of 5.94. The company’s fifty day simple moving average is $0.99 and its 200-day simple moving average is $1.51. InMed Pharmaceuticals has a 52 week low of $0.73 and a 52 week high of $7.98.
InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported ($0.51) earnings per share (EPS) for the quarter. The company had revenue of $0.82 million for the quarter. InMed Pharmaceuticals had a negative return on equity of 73.63% and a negative net margin of 170.08%.
About InMed Pharmaceuticals
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.