InMed Pharmaceuticals (NASDAQ:INM) Shares to Split on Thursday, November 5th

InMed Pharmaceuticals Inc. (NASDAQ:INM) shares are going to split on Thursday, November 5th. The 2-1 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Wednesday, November 4th.

InMed Pharmaceuticals Stock Performance

InMed Pharmaceuticals stock opened at $1.59 on Wednesday. The company’s fifty day simple moving average is $1.38 and its 200-day simple moving average is $1.20. InMed Pharmaceuticals has a 12 month low of $0.57 and a 12 month high of $2.33.

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

Analyst Ratings Changes

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

Insider Activity at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average price of $1.30 per share, for a total transaction of $70,532.80. Following the completion of the acquisition, the insider owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This represents a 6.54% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders purchased 155,584 shares of company stock valued at $203,804. Insiders own 0.85% of the company’s stock.

Institutional Trading of 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 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Company Profile

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.