InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Large Decrease in Short Interest
by Danessa Lincoln · The Markets DailyInMed Pharmaceuticals Inc. (NASDAQ:INM – Get Free Report) 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 shares of the company are sold short. Based on an average daily trading volume, of 62,048 shares, the days-to-cover ratio is presently 1.9 days. Based on an average daily trading volume, of 62,048 shares, the days-to-cover ratio is presently 1.9 days. Approximately 4.1% of the shares of the company are sold short.
InMed Pharmaceuticals Stock Performance
InMed Pharmaceuticals stock traded down $0.06 during mid-day trading on Tuesday, reaching $0.76. 116,170 shares of the company were exchanged, compared to its average volume of 63,251. InMed Pharmaceuticals has a twelve month low of $0.73 and a twelve month high of $7.98. 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 firm’s 50-day simple moving average is $1.04 and its two-hundred day simple moving average is $1.59. The firm has a market cap of $2.22 million, a PE ratio of -0.26 and a beta of 0.41.
InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.51) earnings per share 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%.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.
Read Our Latest Stock Analysis on InMed Pharmaceuticals
Hedge Funds Weigh In On InMed Pharmaceuticals
A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently owned by institutional investors.
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.