InMed Pharmaceuticals (NASDAQ:INM) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $13.98 and traded as high as $16.44. InMed Pharmaceuticals shares last traded at $15.56, with a volume of 26,981 shares traded.

Analysts Set New Price Targets

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

InMed Pharmaceuticals Stock Performance

The company has a market capitalization of $5.13 million, a P/E ratio of -9.49 and a beta of 0.94. The firm’s fifty day moving average is $13.98 and its 200-day moving average is $12.17.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings data on Wednesday, September 9th. The company reported ($248.60) EPS for the quarter.

Insider Activity at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc purchased 5,425 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $70,525.00. Following the purchase, the insider owned 88,376 shares of the company’s stock, valued at approximately $1,148,888. The trade was a 6.54% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders acquired 15,553 shares of company stock valued at $203,733. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

InMed Pharmaceuticals Company Profile

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.