InMed Pharmaceuticals (NASDAQ:INM) Research Coverage Started at Guggenheim

Guggenheim started coverage on shares of InMed Pharmaceuticals (NASDAQ:INM) in a research report released on Monday,Benzinga reports. The firm issued a buy rating and a $42.00 price target on the stock.

Separately, Weiss Ratings lowered shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.00.

InMed Pharmaceuticals Trading Down 6.8%

NASDAQ:INM opened at $14.50 on Monday. InMed Pharmaceuticals has a 12-month low of $5.75 and a 12-month high of $23.30. The stock has a market capitalization of $47.99 million, a P/E ratio of -8.84 and a beta of 0.94. The stock has a 50-day moving average price of $14.02 and a 200 day moving average price of $12.22.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings results on Wednesday, September 9th. The company reported ($12.43) EPS for the quarter.

Insiders Place Their Bets

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc purchased 5,425 shares of InMed Pharmaceuticals stock in a transaction on Tuesday, September 15th. The stock was bought at an average cost of $13.00 per share, with a total value of $70,525.00. Following the transaction, the insider owned 88,376 shares of the company’s stock, valued at $1,148,888. This represents a 6.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 15,553 shares of company stock valued at $203,733. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. 20.12% of the stock is currently owned by institutional investors and hedge funds.

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.