InMed Pharmaceuticals (NASDAQ:INM) Trading Down 2.2% – Here’s What Happened

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s share price fell 2.2% on Monday . The stock traded as low as $1.35 and last traded at $1.35. Approximately 90,046 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 84,583 shares. The stock had previously closed at $1.38.

Analyst Ratings Changes

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 research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

InMed Pharmaceuticals Price Performance

The business’s 50 day simple moving average is $1.53 and its 200 day simple moving average is $1.18. The company has a market capitalization of $4.60 million, a price-to-earnings ratio of -0.48 and a beta of 0.98.

Insider Transactions at InMed Pharmaceuticals

In related news, major shareholder Vivo Opportunity, Llc acquired 55,011 shares of InMed Pharmaceuticals stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $1.57 per share, with a total value of $86,367.27. Following the purchase, the insider directly owned 688,926 shares in the company, valued at approximately $1,081,613.82. The trade was a 8.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders bought 100,805 shares of company stock valued at $156,502. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. Institutional investors 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.