InMed Pharmaceuticals (NASDAQ:INM) Releases Quarterly Earnings Results

InMed Pharmaceuticals (NASDAQ:INM) posted its quarterly earnings data on Wednesday. The company reported ($0.51) EPS for the quarter, FiscalAI reports. InMed Pharmaceuticals had a negative return on equity of 85.91% and a negative net margin of 171.13%.The business had revenue of $0.82 million during the quarter.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock opened at $0.95 on Thursday. The firm has a fifty day moving average of $1.16 and a two-hundred day moving average of $1.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.37 and a current ratio of 6.95. The stock has a market capitalization of $2.66 million, a price-to-earnings ratio of -0.16 and a beta of 0.41. InMed Pharmaceuticals has a 52 week low of $0.90 and a 52 week high of $7.98.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for 0.6% of Sabby Management LLC’s holdings, making the stock its 12th biggest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. Institutional investors own 20.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

About InMed Pharmaceuticals

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.