InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $11,048.31 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 8,307 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was bought at an average price of $1.33 per share, with a total value of $11,048.31. Following the completion of the purchase, the insider directly owned 916,839 shares in the company, valued at $1,219,395.87. This represents a 0.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, October 5th, Adar1 Capital Management, Llc purchased 18,182 shares of InMed Pharmaceuticals stock. The shares were bought at an average price of $1.33 per share, for a total transaction of $24,182.06.
• On Thursday, October 1st, Adar1 Capital Management, Llc purchased 16,431 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.33 per share, with a total value of $21,853.23.
• On Monday, September 14th, Adar1 Capital Management, Llc acquired 28,505 shares of InMed Pharmaceuticals stock. The shares were bought at an average price of $1.29 per share, with a total value of $36,771.45.
• On Wednesday, September 16th, Adar1 Capital Management, Llc acquired 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 bought 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 Stock Performance

INM stock remained flat at $1.33 during midday trading on Monday. The company had a trading volume of 29,570 shares, compared to its average volume of 887,905. The firm has a market cap of $4.40 million, a PE ratio of -0.81 and a beta of 0.93. The firm has a 50-day simple moving average of $1.41 and a two-hundred day simple moving average of $1.26. InMed Pharmaceuticals Inc. has a one year low of $0.57 and a one year high of $2.50.

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

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to its most recent filing with the Securities & 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 quarter. Institutional investors and hedge funds own 20.12% of the company’s stock.

Wall Street Analysts Forecast Growth

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

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.