Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires $24,182.06 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 18,182 shares of InMed Pharmaceuticals stock in a transaction dated Monday, October 5th. The shares were purchased at an average cost of $1.33 per share, for a total transaction of $24,182.06. Following the transaction, the insider owned 935,021 shares in the company, valued at approximately $1,243,577.93. This trade represents a 1.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, October 2nd, Adar1 Capital Management, Llc acquired 8,307 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.33 per share, for a total transaction of $11,048.31.
• On Thursday, October 1st, Adar1 Capital Management, Llc acquired 16,431 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.33 per share, with a total value of $21,853.23.
• On Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, with a total value of $36,771.45.
• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Price Performance

Shares of InMed Pharmaceuticals stock opened at $1.33 on Thursday. The firm has a market cap of $4.40 million, a PE ratio of -0.81 and a beta of 0.93. InMed Pharmaceuticals Inc. has a 52 week low of $0.57 and a 52 week high of $2.50. The business’s fifty day simple moving average is $1.39 and its 200-day simple moving average is $1.27.

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 downgraded shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 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 filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 20.12% of the company’s stock.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.