InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires $11,048.31 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 8,307 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The stock was purchased at an average price of $1.33 per share, with a total value of $11,048.31. Following the completion of the acquisition, the insider owned 916,839 shares in the company, valued at $1,219,395.87. The trade was a 0.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own at least 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 Monday, October 5th, Adar1 Capital Management, Llc acquired 18,182 shares of InMed Pharmaceuticals stock. The stock was acquired at an average cost of $1.33 per share, for a total transaction of $24,182.06.
• On Thursday, October 1st, Adar1 Capital Management, Llc bought 16,431 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price of $1.33 per share, for a total transaction of $21,853.23.
• On Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The stock was 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 purchased 8,340 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Price Performance

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

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

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 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.

Wall Street Analysts Forecast Growth

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

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.