InMed Pharmaceuticals Inc. (NASDAQ:INM – Get Free Report) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 26,300 shares, a growth of 64.4% from the August 15th total of 16,000 shares. Based on an average daily trading volume, of 50,600 shares, the days-to-cover ratio is currently 0.5 days.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in InMed Pharmaceuticals in the first quarter valued at approximately $84,000. Virtu Financial LLC bought a new stake in shares of InMed Pharmaceuticals during the fourth quarter valued at approximately $36,000. Armistice Capital LLC raised its holdings in shares of InMed Pharmaceuticals by 8.0% during the fourth quarter. Armistice Capital LLC now owns 97,163 shares of the company’s stock valued at $196,000 after buying an additional 7,163 shares during the last quarter. Finally, UBS Group AG bought a new stake in shares of InMed Pharmaceuticals during the third quarter valued at approximately $38,000. 0.47% of the stock is owned by hedge funds and other institutional investors.
InMed Pharmaceuticals Trading Down 4.8 %
NASDAQ:INM opened at $0.83 on Friday. The business’s 50-day moving average is $0.94 and its two-hundred day moving average is $1.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.22 and a quick ratio of 4.63. InMed Pharmaceuticals has a 12 month low of $0.78 and a 12 month high of $9.33. The firm has a market capitalization of $2.76 million, a PE ratio of -0.04 and a beta of -0.17.
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.
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