InMed Pharmaceuticals (NASDAQ:INM) Trading 7.8% Higher – Time to Buy?

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s stock price traded up 7.8% during mid-day trading on Wednesday . The company traded as high as $2.33 and last traded at $1.66. Approximately 51,950,809 shares changed hands during trading, an increase of 138,686% from the average daily volume of 37,432 shares. The stock had previously closed at $1.54.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of InMed Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

InMed Pharmaceuticals Stock Performance

The firm has a market cap of $5.66 million, a P/E ratio of -0.59 and a beta of 0.95. The company’s 50 day moving average is $1.55 and its 200 day moving average is $1.10.

InMed Pharmaceuticals (NASDAQ:INM) last posted its earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($94.44) by $93.75. InMed Pharmaceuticals had a negative net margin of 132.87% and a negative return on equity of 80.85%.

Insider Buying and Selling at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc acquired 468,551 shares of InMed Pharmaceuticals stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the transaction, the insider directly owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. The trade was a 141.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Vivo Opportunity, Llc bought 32,500 shares of the stock in a transaction on Monday, June 8th. The stock was purchased at an average cost of $1.52 per share, with a total value of $49,400.00. Following the acquisition, the insider owned 718,444 shares in the company, valued at approximately $1,092,034.88. This represents a 4.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 724,329 shares of company stock worth $1,123,271. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds own 20.12% of the company’s stock.

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.