InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Up 252.9% in June

InMed Pharmaceuticals Inc. (NASDAQ:INM) saw a significant increase in short interest in 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 volume of 841,300 shares, the days-to-cover ratio is currently 0.2 days.

InMed Pharmaceuticals Stock Performance

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

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Armistice Capital LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing. 20.12% of the stock is owned by institutional investors.

InMed Pharmaceuticals Company Profile

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.