InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Buys 18,182 Shares of Company Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 18,182 shares of the firm’s stock in a transaction on Monday, October 5th. The stock was bought at an average price of $1.33 per share, for a total transaction of $24,182.06. Following the acquisition, the insider owned 935,021 shares in the company, valued at $1,243,577.93. The trade was a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% 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 Friday, October 2nd, Adar1 Capital Management, Llc purchased 8,307 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.33 per share, with a total value of $11,048.31.
• On Thursday, October 1st, Adar1 Capital Management, Llc bought 16,431 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.33 per share, with a total value of $21,853.23.
• On Monday, September 14th, Adar1 Capital Management, Llc acquired 28,505 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price 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 bought 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 bought 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, with a total value of $70,532.80.

InMed Pharmaceuticals Stock Performance

NASDAQ:INM remained flat at $1.33 during trading hours on Monday. 29,570 shares of the company’s stock traded hands, compared to its average volume of 887,905. The firm has a fifty day simple moving average of $1.41 and a 200 day simple moving average of $1.26. The company has a market capitalization of $4.40 million, a P/E ratio of -0.81 and a beta of 0.93. InMed Pharmaceuticals Inc. has a one year low of $0.57 and a one year high of $2.50.

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

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently 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.