Adar1 Capital Management, Llc Buys 8,340 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 8,340 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was bought at an average cost of $1.29 per share, for a total transaction of $10,758.60. Following the completion of the purchase, the insider directly owned 892,101 shares in the company, valued at $1,150,810.29. This represents a 0.94% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more 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 Monday, September 14th, Adar1 Capital Management, Llc acquired 28,505 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.29 per share, with a total value of $36,771.45.
• On Tuesday, September 15th, Adar1 Capital Management, Llc acquired 54,256 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.30 per share, with a total value of $70,532.80.

InMed Pharmaceuticals Price Performance

Shares of InMed Pharmaceuticals stock opened at $1.39 on Friday. The stock has a market capitalization of $4.61 million, a P/E ratio of -0.85 and a beta of 0.98. The business has a 50 day simple moving average of $1.47 and a two-hundred day simple moving average of $1.22. InMed Pharmaceuticals Inc. has a 12 month low of $0.57 and a 12 month high of $2.50.

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

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of 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 a consensus rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is owned by institutional investors.

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.