InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Acquires 8,021 Shares of Company Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 8,021 shares of the business’s stock in a transaction that occurred on Wednesday, October 14th. The shares were purchased at an average cost of $1.33 per share, for a total transaction of $10,667.93. Following the completion of the transaction, the insider directly owned 954,509 shares in the company, valued at $1,269,496.97. The trade was a 0.85% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Large 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 Thursday, October 15th, Adar1 Capital Management, Llc acquired 984 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.32 per share, with a total value of $1,298.88.
• On Tuesday, October 13th, Adar1 Capital Management, Llc bought 564 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.33 per share, for a total transaction of $750.12.
• On Thursday, October 8th, Adar1 Capital Management, Llc purchased 2,256 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.33 per share, with a total value of $3,000.48.
• On Wednesday, October 7th, Adar1 Capital Management, Llc acquired 3,046 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.33 per share, with a total value of $4,051.18.
• On Tuesday, October 6th, Adar1 Capital Management, Llc acquired 5,601 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.33 per share, with a total value of $7,449.33.
• On Monday, October 5th, Adar1 Capital Management, Llc acquired 18,182 shares of InMed Pharmaceuticals stock. The stock was acquired at an average cost of $1.33 per share, for a total transaction of $24,182.06.
• On Friday, October 2nd, Adar1 Capital Management, Llc bought 8,307 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price of $1.33 per share, for a total transaction of $11,048.31.
• On Thursday, October 1st, Adar1 Capital Management, Llc acquired 16,431 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price 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 stock was acquired 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 bought 8,340 shares of InMed Pharmaceuticals stock. The stock was acquired at an average cost of $1.29 per share, with a total value of $10,758.60.

InMed Pharmaceuticals Stock Up 1.8%

INM traded up $0.02 during midday trading on Thursday, hitting $1.33. 17,594 shares of the company traded hands, compared to its average volume of 853,182. The firm has a market capitalization of $4.42 million, a PE ratio of -0.81 and a beta of 0.93. The company’s 50-day moving average is $1.38 and its 200 day moving average is $1.29. InMed Pharmaceuticals Inc. has a 52 week low of $0.57 and a 52 week high of $2.33.

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund 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 second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is currently owned by institutional investors.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.