InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) shares are set to split before the market opens on Thursday, November 5th. The 2-1 split was recently announced. The newly issued shares will be distributed to shareholders after the closing bell on Wednesday, November 4th.
InMed Pharmaceuticals Stock Performance
Shares of NASDAQ:INM opened at $1.59 on Wednesday. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.33. The company has a 50 day moving average of $1.38 and a 200-day moving average of $1.20.
InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) last posted its quarterly earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.
Wall Street Analysts Forecast Growth
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. According to MarketBeat.com, InMed Pharmaceuticals has an average rating of “Sell”.
Check Out Our Latest Research Report on INM
Insider Activity
In other news, major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders have acquired 155,584 shares of company stock valued at $203,804. 0.85% of the stock is owned by insiders.
Institutional Trading of InMed Pharmaceuticals
A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is currently owned by hedge funds and other institutional investors.
About InMed Pharmaceuticals
InMed Pharmaceuticals Inc is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions.
InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.
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