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

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 8,340 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average cost of $1.29 per share, for a total transaction of $10,758.60. Following the purchase, the insider directly owned 892,101 shares of the company’s stock, valued at $1,150,810.29. This trade represents a 0.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s stock 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 purchased 28,505 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.29 per share, for a total transaction 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 cost of $1.30 per share, with a total value of $70,532.80.

InMed Pharmaceuticals Stock Performance

InMed Pharmaceuticals stock opened at $1.28 on Thursday. InMed Pharmaceuticals Inc. has a 1 year low of $0.57 and a 1 year high of $2.50. The company has a market cap of $4.24 million, a PE ratio of -0.44 and a beta of 0.98. The company’s 50-day moving average is $1.47 and its two-hundred day moving average is $1.21.

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

Institutional Investors Weigh In On InMed Pharmaceuticals

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut 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”.

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.