InMed Pharmaceuticals (NASDAQ:INM) Shares Down 2.2% – Should You Sell?

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s share price fell 2.2% on Monday . The company traded as low as $1.35 and last traded at $1.35. 90,046 shares changed hands during trading, an increase of 6% from the average daily volume of 84,583 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of InMed Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, InMed Pharmaceuticals presently has an average rating of “Sell”.

InMed Pharmaceuticals Trading Down 2.2%

The firm has a market cap of $4.47 million, a PE ratio of -0.47 and a beta of 0.96. The business has a fifty day moving average price of $1.53 and a 200 day moving average price of $1.18.

Insider Transactions at InMed Pharmaceuticals

In related news, major shareholder Vivo Opportunity, Llc purchased 55,011 shares of the company’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1.57 per share, for a total transaction of $86,367.27. Following the completion of the purchase, the insider directly owned 688,926 shares of the company’s stock, valued at approximately $1,081,613.82. This trade represents a 8.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders purchased 131,436 shares of company stock valued at $203,294 over the last three months. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position 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 its most recent filing with the Securities and Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 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.

About InMed Pharmaceuticals

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.