Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $70,532.80 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 54,256 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was bought at an average price of $1.30 per share, for a total transaction of $70,532.80. Following the purchase, the insider directly owned 883,761 shares of the company’s stock, valued at $1,148,889.30. The trade was a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.29 per share, with a total value of $10,758.60.

InMed Pharmaceuticals Stock Performance

Shares of INM stock remained flat at $1.28 during mid-day trading on Wednesday. 19,749 shares of the company’s stock traded hands, compared to its average volume of 947,402. InMed Pharmaceuticals Inc. has a 1-year low of $0.57 and a 1-year high of $2.50. The stock has a market capitalization of $4.24 million, a PE ratio of -0.44 and a beta of 0.98. The stock’s 50-day moving average price is $1.48 and its two-hundred day moving average price is $1.21.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) earnings per share (EPS) for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings lowered InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to its most recent filing with the SEC. The firm bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, that is dedicated to the discovery and development of novel therapeutics derived from cannabinoids. Leveraging a proprietary drug discovery engine, the company works to identify, design and optimize cannabinoid-based molecules with the goal of addressing diseases that have significant unmet medical needs. InMed’s integrated business model combines research, development and manufacturing capabilities under one roof to streamline the progression of promising assets from preclinical studies into human trials.

The company’s pipeline features multiple lead programs targeting both neurological and dermatological disorders.