Adar1 Capital Management, Llc Purchases 54,256 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average cost of $1.30 per share, for a total transaction of $70,532.80. Following the completion of the transaction, the insider directly owned 883,761 shares in the company, valued at $1,148,889.30. This represents a 6.54% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Monday, September 14th, Adar1 Capital Management, Llc acquired 28,505 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost of $1.29 per share, with a total value of $36,771.45.
• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.29 per share, for a total transaction of $10,758.60.

InMed Pharmaceuticals Price Performance

Shares of INM stock opened at $1.39 on Friday. The company’s fifty day moving average price is $1.47 and its two-hundred day moving average price is $1.22. The firm has a market capitalization of $4.61 million, a P/E ratio of -0.85 and a beta of 0.98. InMed Pharmaceuticals Inc. has a 12 month low of $0.57 and a 12 month high of $2.50.

InMed Pharmaceuticals (NASDAQ:INM) last announced its earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 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. Institutional investors own 20.12% of the company’s stock.

Analysts Set New Price Targets

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