Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $10,758.60 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc acquired 8,340 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were acquired at an average price of $1.29 per share, for a total transaction of $10,758.60. Following the acquisition, the insider directly owned 892,101 shares of the company’s stock, valued at approximately $1,150,810.29. The trade was a 0.94% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s stock 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 bought 28,505 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.29 per share, with a total value of $36,771.45.
• On Tuesday, September 15th, Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Trading Down 2.2%

Shares of NASDAQ:INM opened at $1.36 on Friday. The firm has a market cap of $4.50 million, a price-to-earnings ratio of -0.83 and a beta of 0.98. The stock’s 50-day moving average price is $1.46 and its two-hundred day moving average price is $1.22. 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) EPS for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded 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 data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently owned by institutional investors and hedge funds.

InMed Pharmaceuticals Company Profile

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.