InMed Pharmaceuticals Inc. (NASDAQ:INM) Short Interest Up 55.3% in September

InMed Pharmaceuticals Inc. (NASDAQ:INM) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 534,900 shares, a growth of 55.3% from the August 31st total of 344,500 shares. Based on an average daily trading volume, of 6,890,000 shares, the short-interest ratio is presently 0.1 days.

InMed Pharmaceuticals Stock Performance

INM stock opened at $0.23 on Friday. The stock has a fifty day moving average of $0.26 and a 200-day moving average of $0.28. InMed Pharmaceuticals has a fifty-two week low of $0.12 and a fifty-two week high of $2.08. The company has a current ratio of 6.58, a quick ratio of 5.80 and a debt-to-equity ratio of 0.07.

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 position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the fourth quarter, according to its most recent disclosure 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 3.92% of InMed Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds own 20.12% of the company’s stock.

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.