Short Interest in InMed Pharmaceuticals Inc. (NASDAQ:INM) Expands By 252.9%

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 150,000 shares, an increase of 252.9% from the May 31st total of 42,500 shares. Based on an average daily trading volume, of 841,300 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Armistice Capital LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 205,968 shares of the company’s stock, valued at approximately $86,000. Armistice Capital LLC owned approximately 3.92% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC). 20.12% of the stock is owned by hedge funds and other institutional investors.

InMed Pharmaceuticals Stock Performance

INM remained flat at $0.27 during midday trading on Friday. The company’s stock had a trading volume of 286,481 shares, compared to its average volume of 1,396,789. The company has a quick ratio of 5.80, a current ratio of 6.58 and a debt-to-equity ratio of 0.07. InMed Pharmaceuticals has a fifty-two week low of $0.21 and a fifty-two week high of $2.08. The company’s 50-day moving average price is $0.27 and its 200-day moving average price is $0.33.

InMed Pharmaceuticals (NASDAQ:INM) last announced its earnings results on Tuesday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter. The business had revenue of $1.17 million for the quarter. InMed Pharmaceuticals had a negative net margin of 108.02% and a negative return on equity of 53.42%.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, develops a pipeline of prescription-based products. The company operates through two segments, the InMed and the BayMedica. The InMed segment researches and develops cannabinoid-based pharmaceuticals products. The BayMedica segment develops proprietary manufacturing technologies to produce and sell rare cannabinoids for the health and wellness industry.