InMed Pharmaceuticals (NASDAQ:INM) Posts Quarterly Earnings Results, Beats Expectations By $94.02 EPS

InMed Pharmaceuticals (NASDAQ:INM) announced its earnings results on Tuesday. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($94.44) by $94.02, FiscalAI reports.

InMed Pharmaceuticals Stock Up 4.3%

NASDAQ:INM traded up $0.07 during trading hours on Tuesday, hitting $1.70. 82,393 shares of the stock were exchanged, compared to its average volume of 805,135. The company’s 50 day moving average is $1.38 and its two-hundred day moving average is $1.21. InMed Pharmaceuticals has a twelve month low of $0.57 and a twelve month high of $2.33. The company has a market capitalization of $5.63 million, a P/E ratio of -1.05 and a beta of 0.93.

InMed Pharmaceuticals shares are scheduled to split on Thursday, November 5th. The 2-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Wednesday, November 4th.

Insider Activity

In other news, major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired 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 directly owned 883,761 shares in the company, valued at approximately $1,148,889.30. The trade was a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired a total of 155,584 shares of company stock worth $203,804 over the last quarter. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of 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.com, the stock currently has an average rating of “Sell”.

About InMed Pharmaceuticals

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.