InMed Pharmaceuticals Inc. (NASDAQ:INM) Sees Large Growth in Short Interest

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 114,500 shares, a growth of 1,011.7% from the March 31st total of 10,300 shares. Based on an average trading volume of 350,700 shares, the short-interest ratio is currently 0.3 days.

InMed Pharmaceuticals Price Performance

INM opened at $0.23 on Friday. InMed Pharmaceuticals has a twelve month low of $0.23 and a twelve month high of $2.08. The company has a current ratio of 7.03, a quick ratio of 6.59 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average of $0.35 and a 200-day moving average of $0.40.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.19) EPS for the quarter. The company had revenue of $1.24 million during the quarter. InMed Pharmaceuticals had a negative return on equity of 54.31% and a negative net margin of 115.76%.

Institutional Investors Weigh In On InMed Pharmaceuticals

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

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.