InMed Pharmaceuticals (NASDAQ:INM) Stock Crosses Above 50 Day Moving Average – Here’s Why

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s share price passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $13.98 and traded as high as $16.44. InMed Pharmaceuticals shares last traded at $15.56, with a volume of 26,981 shares trading hands.

Analyst Ratings Changes

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

InMed Pharmaceuticals Trading Up 17.8%

The company has a fifty day moving average price of $13.98 and a 200-day moving average price of $12.17. The firm has a market capitalization of $51.50 million, a price-to-earnings ratio of -9.49 and a beta of 0.94.

InMed Pharmaceuticals (NASDAQ:INM) last announced its earnings results on Wednesday, September 9th. The company reported ($248.60) earnings per share (EPS) for the quarter.

Insider Buying and Selling

In related news, major shareholder Adar1 Capital Management, Llc purchased 5,425 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average price of $13.00 per share, with a total value of $70,525.00. Following the completion of the transaction, the insider owned 88,376 shares of the company’s stock, valued at approximately $1,148,888. This trade represents a 6.54% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired 15,553 shares of company stock worth $203,733 in the last quarter. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 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.

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.