InMed Pharmaceuticals (NASDAQ:INM) Announces Quarterly Earnings Results

InMed Pharmaceuticals (NASDAQ:INM) posted its quarterly earnings data on Monday. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($94.44) by $94.02, FiscalAI reports.

InMed Pharmaceuticals Stock Up 0.9%

Shares of NASDAQ:INM traded up $0.01 during trading on Wednesday, reaching $1.70. 44,014 shares of the company traded hands, compared to its average volume of 802,150. The firm has a fifty day simple moving average of $1.39 and a 200 day simple moving average of $1.21. The firm has a market cap of $5.61 million, a P/E ratio of -1.03 and a beta of 0.94. InMed Pharmaceuticals has a 1-year low of $0.57 and a 1-year high of $2.33.

InMed Pharmaceuticals shares are going to split on Thursday, November 5th. The 2-1 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Wednesday, November 4th.

Insider Buying and Selling at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc acquired 54,256 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80. Following the completion of the acquisition, the insider owned 883,761 shares in the company, valued at approximately $1,148,889.30. The trade was a 6.54% 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. Insiders have acquired 155,584 shares of company stock valued at $203,804 over the last 90 days. Corporate insiders own 0.85% of the company’s stock.

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 report on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating. According to MarketBeat.com, InMed Pharmaceuticals has a consensus rating of “Sell”.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions.

InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.