InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Report for October

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the target of a large growth in short interest in October. As of October 30th, there was short interest totaling 63,409 shares, a growth of 855.8% from the October 15th total of 6,634 shares. Based on an average daily trading volume, of 69,634 shares, the days-to-cover ratio is presently 0.9 days. Approximately 19.3% of the shares of the company are short sold.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Guggenheim initiated coverage on InMed Pharmaceuticals in a research report on Monday. They set a “buy” rating and a $42.00 price target for the company. Weiss Ratings lowered 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 Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $42.00.

InMed Pharmaceuticals Stock Down 6.8%

NASDAQ INM traded down $1.06 on Thursday, reaching $14.50. 26,981 shares of the stock traded hands, compared to its average volume of 69,753. InMed Pharmaceuticals has a 12 month low of $5.75 and a 12 month high of $23.30. The company has a market cap of $47.99 million, a price-to-earnings ratio of -8.84 and a beta of 0.94. The firm’s fifty day simple moving average is $14.02 and its 200 day simple moving average is $12.22.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, September 9th. The company reported ($12.43) EPS for the quarter.

Insider Buying and Selling

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc bought 5,425 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average cost of $13.00 per share, for a total transaction of $70,525.00. Following the transaction, the insider directly owned 88,376 shares in the company, valued at $1,148,888. The trade was a 6.54% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders purchased 15,553 shares of company stock valued at $203,733. 0.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc. is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions. InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.