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

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a significant increase in short interest in the month of 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. Currently, 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 currently 0.4 days.

Insider Buying and Selling at InMed Pharmaceuticals

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

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 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 Up 2.4%

INM traded up $0.03 on Thursday, hitting $1.34. 2,100 shares of the company’s stock traded hands, compared to its average volume of 853,104. The company’s 50 day simple moving average is $1.38 and its 200-day simple moving average is $1.29. The firm has a market cap of $4.44 million, a price-to-earnings ratio of -0.82 and a beta of 0.93. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.33.

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

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

InMed Pharmaceuticals Company Profile

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.