InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Acquires 54,256 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average price of $1.30 per share, with a total value of $70,532.80. Following the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at $1,148,889.30. This trade represents a 6.54% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Monday, September 14th, Adar1 Capital Management, Llc acquired 28,505 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.29 per share, for a total transaction of $36,771.45.
• 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, for a total transaction of $10,758.60.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ INM opened at $1.28 on Thursday. The business’s 50 day moving average is $1.47 and its 200-day moving average is $1.21. InMed Pharmaceuticals Inc. has a 1-year low of $0.57 and a 1-year high of $2.50. The firm has a market cap of $4.24 million, a P/E ratio of -0.44 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) earnings per share for the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 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 quarter. Institutional investors own 20.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

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.