InMed Pharmaceuticals Inc. (NASDAQ:INM) Stock Short Interest Declines 80.5%

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 6,634 shares, a decrease of 80.5% from the September 30th total of 34,080 shares. Based on an average trading volume of 34,106 shares, the short-interest ratio is presently 0.2 days. Approximately 0.2% of the shares of the stock are sold short.

Insider Activity at InMed Pharmaceuticals

In related news, major shareholder Adar1 Capital Management, Llc bought 54,256 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at $1,148,889.30. The trade was a 6.54% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders acquired 155,584 shares of company stock worth $203,804. 0.85% of the stock is currently owned by corporate insiders.

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 stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 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 reporting period. Institutional investors own 20.12% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the stock currently has an average rating of “Sell”.

InMed Pharmaceuticals Price Performance

InMed Pharmaceuticals stock traded up $0.03 during midday trading on Thursday, reaching $1.62. The stock had a trading volume of 37,394 shares, compared to its average volume of 815,681. The firm’s fifty day simple moving average is $1.38 and its two-hundred day simple moving average is $1.20. InMed Pharmaceuticals has a twelve month low of $0.57 and a twelve month high of $2.33. The firm has a market cap of $5.38 million, a price-to-earnings ratio of -0.99 and a beta of 0.93.

Shares of InMed Pharmaceuticals are scheduled to split on Thursday, November 5th. The 2-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Wednesday, November 4th.

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

InMed Pharmaceuticals Company Profile

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.