InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Buys 28,505 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 28,505 shares of the company’s stock in a transaction on Monday, September 14th. The stock was bought at an average cost of $1.29 per share, with a total value of $36,771.45. Following the completion of the acquisition, the insider directly owned 829,505 shares in the company, valued at approximately $1,070,061.45. This represents a 3.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.29 per share, for a total transaction of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ INM remained flat at $1.28 during mid-day trading on Wednesday. The company had a trading volume of 19,749 shares, compared to its average volume of 63,972. The firm has a market cap 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 $1.47 and a 200-day moving average price of $1.21. InMed Pharmaceuticals Inc. has a 52 week low of $0.57 and a 52 week high of $2.50.

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

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent disclosure 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 SEC filing. Hedge funds and other institutional investors own 20.12% of the company’s stock.

Wall Street Analyst Weigh In

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

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.