InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $36,771.45 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 28,505 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was acquired at an average price of $1.29 per share, for a total transaction of $36,771.45. Following the completion of the purchase, the insider directly owned 829,505 shares of the company’s stock, valued at $1,070,061.45. This trade represents a 3.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock. The stock was acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Stock Down 2.2%

Shares of NASDAQ INM opened at $1.36 on Friday. The business’s 50 day moving average is $1.46 and its two-hundred day moving average is $1.22. The company has a market cap of $4.50 million, a P/E ratio of -0.83 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 posted its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.

Wall Street Analyst Weigh In

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

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. 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.