InMed Pharmaceuticals (NASDAQ:INM) Issues Quarterly Earnings Results

InMed Pharmaceuticals (NASDAQ:INM) posted its quarterly earnings data on Tuesday. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($94.44) by $94.02, FiscalAI reports.

InMed Pharmaceuticals Trading Up 4.0%

NASDAQ INM traded up $0.07 during trading hours on Tuesday, hitting $1.70. 147,671 shares of the company’s stock were exchanged, compared to its average volume of 805,192. The firm has a market cap of $5.62 million, a price-to-earnings ratio of -1.03 and a beta of 0.93. The stock has a 50-day simple moving average of $1.38 and a 200 day simple moving average of $1.21. InMed Pharmaceuticals has a 1-year low of $0.57 and a 1-year high of $2.33.

InMed Pharmaceuticals shares are going to split before the market opens on Thursday, November 5th. The 2-1 split was recently announced. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, November 4th.

Insider Activity

In related news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $1.30 per share, with a total value of $70,532.80. Following the transaction, the insider directly owned 883,761 shares in the company, valued at $1,148,889.30. This represents a 6.54% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders purchased 155,584 shares of company stock worth $203,804. 0.85% of the stock is currently owned by corporate insiders.

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 report on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock has a consensus rating of “Sell”.

About InMed Pharmaceuticals

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.