Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires $10,758.60 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 8,340 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were purchased at an average price of $1.29 per share, with a total value of $10,758.60. Following the completion of the acquisition, the insider directly owned 892,101 shares in the company, valued at $1,150,810.29. The trade was a 0.94% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Price Performance

Shares of INM stock remained flat at $1.28 during mid-day trading on Wednesday. 19,749 shares of the company’s stock were exchanged, compared to its average volume of 947,402. The company has a market capitalization of $4.24 million, a price-to-earnings ratio of -0.44 and a beta of 0.98. The company has a 50-day moving average price of $1.48 and a 200-day moving average price of $1.21. InMed Pharmaceuticals Inc. has a 12-month low of $0.57 and a 12-month high of $2.50.

InMed Pharmaceuticals (NASDAQ:INM) last posted its earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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. 20.12% of the stock is currently owned by institutional investors.

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.