InMed Pharmaceuticals (NASDAQ:INM) Stock Price Breaks Above 50 Day Moving Average – Time to Sell?

InMed Pharmaceuticals Inc. (NASDAQ:INM) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $13.98 and traded as high as $16.44. InMed Pharmaceuticals shares last traded at $15.56, with a volume of 26,981 shares.

Analyst Upgrades and Downgrades

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

InMed Pharmaceuticals Stock Performance

The company has a market capitalization of $51.50 million, a PE ratio of -9.49 and a beta of 0.94. The stock has a 50 day moving average price of $13.98 and a two-hundred day moving average price of $12.17.

InMed Pharmaceuticals (NASDAQ:INM) last released its earnings results on Wednesday, September 9th. The company reported ($248.60) earnings per share (EPS) for the quarter.

Insider Transactions at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc bought 5,425 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, September 15th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $70,525.00. Following the purchase, the insider directly owned 88,376 shares in the company, valued at approximately $1,148,888. This represents a 6.54% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 15,553 shares of company stock valued at $203,733 in the last 90 days. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On InMed Pharmaceuticals

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

About InMed Pharmaceuticals

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.