InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $21,853.23 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 16,431 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was bought at an average cost of $1.33 per share, for a total transaction of $21,853.23. Following the completion of the transaction, the insider directly owned 908,532 shares of the company’s stock, valued at approximately $1,208,347.56. The trade was a 1.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Monday, October 5th, Adar1 Capital Management, Llc purchased 18,182 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.33 per share, with a total value of $24,182.06.
• On Friday, October 2nd, Adar1 Capital Management, Llc purchased 8,307 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.33 per share, with a total value of $11,048.31.
• On Monday, September 14th, Adar1 Capital Management, Llc purchased 28,505 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.29 per share, for a total transaction 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, for a total transaction of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock opened at $1.33 on Thursday. The business’s fifty day moving average price is $1.39 and its 200 day moving average price is $1.27. InMed Pharmaceuticals Inc. has a twelve month low of $0.57 and a twelve month high of $2.50. The stock has a market capitalization of $4.40 million, a P/E ratio of -0.81 and a beta of 0.93.

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

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 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. Institutional investors and hedge funds own 20.12% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Company Profile

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.