FSD Pharma Inc. (NASDAQ:HUGE) Sees Large Decline in Short Interest

FSD Pharma Inc. (NASDAQ:HUGE) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 42,400 shares, a decrease of 57.0% from the June 30th total of 98,500 shares. Based on an average daily trading volume, of 1,260,000 shares, the days-to-cover ratio is currently 0.0 days. Approximately 0.1% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Singular Research reaffirmed a “buy-venture” rating on shares of FSD Pharma in a research report on Tuesday, May 7th.

FSD Pharma Price Performance

Shares of FSD Pharma stock remained flat at $0.15 during midday trading on Friday. 1,198,581 shares of the company traded hands, compared to its average volume of 2,618,186. The business has a 50-day moving average price of $0.21 and a two-hundred day moving average price of $0.53. FSD Pharma has a 52-week low of $0.13 and a 52-week high of $1.68.

FSD Pharma (NASDAQ:HUGE) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). As a group, research analysts anticipate that FSD Pharma will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FSD Pharma

A hedge fund recently bought a new stake in FSD Pharma stock. Scotia Capital Inc. purchased a new position in FSD Pharma Inc. (NASDAQ:HUGE) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 61,273 shares of the company’s stock, valued at approximately $55,000. Scotia Capital Inc. owned 0.16% of FSD Pharma at the end of the most recent quarter. Hedge funds and other institutional investors own 1.24% of the company’s stock.

About FSD Pharma

FSD Pharma Inc, a biotechnology company, operates in the pharmaceutical research and development business. Its lead candidate is FSD-201, an ultra-micronized palmitoylethanolamide for the treatment of inflammatory diseases. The company is also involved in the research and development of Lucid-Psych, a molecular compound identified for the treatment of mental health disorders; and Lucid-MS, a molecular compound identified for the treatment of neurodegenerative disorders.