InMed Pharmaceuticals (NASDAQ:INM) Trading Up 7.8% – Here’s What Happened

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s share price rose 7.8% during mid-day trading on Wednesday . The company traded as high as $2.33 and last traded at $1.66. 51,950,809 shares traded 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 Analysts Forecast Growth

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 equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, InMed Pharmaceuticals currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Stock Up 7.8%

The stock has a fifty day moving average of $1.52 and a two-hundred day moving average of $1.10. The stock has a market cap of $5.49 million, a price-to-earnings ratio of -0.57 and a beta of 0.95.

InMed Pharmaceuticals (NASDAQ:INM) last issued its earnings results on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate 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 Transactions at InMed Pharmaceuticals

In related news, major shareholder Adar1 Capital Management, Llc purchased 468,551 shares of InMed Pharmaceuticals 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 transaction, the insider owned 800,000 shares in the company, valued at approximately $1,232,000. The trade was a 141.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Vivo Opportunity, Llc purchased 32,500 shares of InMed Pharmaceuticals stock in a transaction dated Monday, June 8th. The shares were bought at an average price of $1.52 per share, with a total value of $49,400.00. Following the completion of the transaction, the insider owned 718,444 shares in the company, valued at approximately $1,092,034.88. This trade represents a 4.74% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 724,329 shares of company stock worth $1,123,271. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 20.12% of the company’s stock.

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.