InMed Pharmaceuticals (NASDAQ:INM) Trading Up 7.8% – Here’s What Happened

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s share price rose 7.8% during trading on Wednesday . The stock traded as high as $2.33 and last traded at $1.66. Approximately 51,950,809 shares traded hands during mid-day trading, an increase of 138,686% from the average daily volume of 37,432 shares. The stock had previously closed at $1.54.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of InMed Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

InMed Pharmaceuticals Stock Performance

The company has a 50-day moving average of $1.52 and a 200-day moving average of $1.10. The stock has a market capitalization of $5.49 million, a price-to-earnings ratio of -0.57 and a beta of 0.95.

InMed Pharmaceuticals (NASDAQ:INM) last announced its earnings results on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Insiders Place Their Bets

In related news, major shareholder Adar1 Capital Management, Llc acquired 468,551 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $1.54 per share, with a total value of $721,568.54. Following the completion of the purchase, the insider directly owned 800,000 shares in the company, valued at approximately $1,232,000. The trade was a 141.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Vivo Opportunity, Llc acquired 32,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were bought at an average price of $1.52 per share, with a total value of $49,400.00. Following the transaction, the insider owned 718,444 shares in the company, valued at $1,092,034.88. This represents a 4.74% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 724,329 shares of company stock worth $1,123,271. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC). 20.12% of the stock is currently owned by hedge funds and other 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.