Adar1 Capital Management, Llc Acquires 28,505 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 28,505 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were bought at an average cost of $1.29 per share, for a total transaction of $36,771.45. Following the purchase, the insider directly owned 829,505 shares in the company, valued at approximately $1,070,061.45. This represents a 3.56% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 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 purchased 8,340 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc acquired 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, with a total value of $70,532.80.

InMed Pharmaceuticals Stock Performance

InMed Pharmaceuticals stock opened at $1.39 on Friday. The stock’s 50 day simple moving average is $1.47 and its two-hundred day simple moving average is $1.22. The stock has a market cap of $4.61 million, a price-to-earnings ratio of -0.85 and a beta of 0.98. InMed Pharmaceuticals Inc. has a fifty-two week low of $0.57 and a fifty-two week 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 (EPS) for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut 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 data from MarketBeat, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On 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 second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals as of its most recent filing with the SEC. 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.