Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires 468,551 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 468,551 shares of the stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $1.54 per share, for a total transaction of $721,568.54. Following the acquisition, the insider directly owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. This represents a 141.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

InMed Pharmaceuticals Price Performance

Shares of INM stock traded up $0.12 during mid-day trading on Thursday, hitting $1.73. The company had a trading volume of 2,103,527 shares, compared to its average volume of 1,101,183. The company has a market capitalization of $5.73 million, a P/E ratio of -0.60 and a beta of 0.57. The stock’s 50 day moving average price is $0.75 and its 200-day moving average price is $1.04. InMed Pharmaceuticals Inc. has a 52-week low of $0.58 and a 52-week high of $7.98.

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

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average 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.