InMed Pharmaceuticals (NASDAQ:INM) Stock Price Up 2.6% – Here’s Why

Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) traded up 2.6% on Wednesday . The company traded as high as $1.59 and last traded at $1.59. Approximately 57,764 shares changed hands during trading, an increase of 6% from the average session volume of 54,301 shares. The stock had previously closed at $1.55.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded InMed Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, InMed Pharmaceuticals presently has a consensus rating of “Sell”.

InMed Pharmaceuticals Price Performance

The company’s 50 day simple moving average is $1.27 and its two-hundred day simple moving average is $1.06. The company has a market capitalization of $5.17 million, a price-to-earnings ratio of -0.54 and a beta of 0.95.

InMed Pharmaceuticals (NASDAQ:INM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Insider Buying and Selling at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Vivo Opportunity, Llc purchased 56,210 shares of the stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $1.56 per share, with a total value of $87,687.60. Following the completion of the acquisition, the insider owned 543,129 shares in the company, valued at $847,281.24. The trade was a 11.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Adar1 Capital Management, Llc purchased 468,551 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the purchase, the insider directly owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. The trade was a 141.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 724,329 shares of company stock worth $1,123,271. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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.