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

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 66,614 shares, a drop of 27.1% from the February 26th total of 91,422 shares. Approximately 2.3% of the company’s shares are sold short. Based on an average daily volume of 145,547 shares, the short-interest ratio is currently 0.5 days.

InMed Pharmaceuticals Trading Down 3.7%

Shares of INM stock opened at $0.66 on Friday. The stock has a market cap of $1.91 million, a price-to-earnings ratio of -0.23 and a beta of 0.42. The company has a quick ratio of 5.30, a current ratio of 5.94 and a debt-to-equity ratio of 0.01. InMed Pharmaceuticals has a fifty-two week low of $0.59 and a fifty-two week high of $7.98. The firm’s 50 day moving average price is $0.91 and its two-hundred day moving average price is $1.41.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings data on Thursday, February 12th. 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 during the quarter.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for 0.6% of Sabby Management LLC’s portfolio, making the stock its 12th biggest holding. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals at the end of the most recent reporting period. 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.