Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires 16,431 Shares of Company Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 16,431 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was purchased at an average cost of $1.33 per share, with a total value of $21,853.23. Following the purchase, the insider owned 908,532 shares in the company, valued at $1,208,347.56. This represents a 1.84% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 5th, Adar1 Capital Management, Llc acquired 18,182 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.33 per share, for a total transaction of $24,182.06.
• On Friday, October 2nd, Adar1 Capital Management, Llc purchased 8,307 shares of InMed Pharmaceuticals stock. The shares were acquired at an average price of $1.33 per share, for a total transaction of $11,048.31.
• On Monday, September 14th, Adar1 Capital Management, Llc acquired 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 Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, for a total transaction of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock. The shares were bought at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Price Performance

Shares of NASDAQ:INM remained flat at $1.33 on Monday. The company’s stock had a trading volume of 29,570 shares, compared to its average volume of 887,905. InMed Pharmaceuticals Inc. has a 12 month low of $0.57 and a 12 month high of $2.50. The company has a fifty day moving average of $1.41 and a 200-day moving average of $1.26. The stock has a market cap of $4.40 million, a PE ratio of -0.81 and a beta of 0.93.

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

Analyst Ratings Changes

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

Institutional Trading of InMed Pharmaceuticals

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

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.