InMed Pharmaceuticals (NASDAQ:INM) Releases Quarterly Earnings Results, Beats Expectations By $94.02 EPS

InMed Pharmaceuticals (NASDAQ:INM) released its quarterly earnings data on Monday. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($94.44) by $94.02, FiscalAI reports.

InMed Pharmaceuticals Trading Up 0.1%

NASDAQ:INM traded up $0.00 during mid-day trading on Wednesday, hitting $1.68. 57,465 shares of the company’s stock were exchanged, compared to its average volume of 802,171. The company has a 50 day simple moving average of $1.39 and a 200-day simple moving average of $1.21. InMed Pharmaceuticals has a fifty-two week low of $0.57 and a fifty-two week high of $2.33. The firm has a market capitalization of $5.56 million, a P/E ratio of -1.03 and a beta of 0.94.

InMed Pharmaceuticals shares are set to split before the market opens on Thursday, November 5th. The 2-1 split was recently announced. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, November 4th.

Insider Transactions at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $1.30 per share, with a total value of $70,532.80. Following the completion of the purchase, the insider owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. The trade was a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have purchased 155,584 shares of company stock valued at $203,804. Corporate insiders own 0.85% of the company’s stock.

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 report on Wednesday, September 9th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat, InMed Pharmaceuticals presently has a consensus rating of “Sell”.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions.

InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.