Adar1 Capital Management, Llc Acquires 468,551 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 468,551 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $1.54 per share, with a total value of $721,568.54. Following the completion of the purchase, the insider directly owned 800,000 shares of the company’s stock, valued at $1,232,000. This trade represents a 141.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

InMed Pharmaceuticals Stock Performance

NASDAQ INM traded up $0.12 on Thursday, hitting $1.73. 2,103,527 shares of the stock were exchanged, compared to its average volume of 1,101,183. The stock has a fifty day moving average price of $0.75 and a two-hundred day moving average price of $1.04. The firm has a market capitalization of $5.73 million, a P/E ratio of -0.60 and a beta of 0.57. InMed Pharmaceuticals Inc. has a 52-week low of $0.58 and a 52-week high of $7.98.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($94.44) by $93.75. InMed Pharmaceuticals had a negative net margin of 132.87% and a negative return on equity of 80.85%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for about 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is owned by institutional investors and hedge funds.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, that is dedicated to the discovery and development of novel therapeutics derived from cannabinoids. Leveraging a proprietary drug discovery engine, the company works to identify, design and optimize cannabinoid-based molecules with the goal of addressing diseases that have significant unmet medical needs. InMed’s integrated business model combines research, development and manufacturing capabilities under one roof to streamline the progression of promising assets from preclinical studies into human trials.

The company’s pipeline features multiple lead programs targeting both neurological and dermatological disorders.