Mentari Therapeutics (NASDAQ:MTRI) Now Covered by Wedbush

Analysts at Wedbush initiated coverage on shares of Mentari Therapeutics (NASDAQ:MTRI) in a research note issued on Friday, Benzinga reports. The brokerage set an “outperform” rating and a $33.00 price target on the stock. Wedbush‘s target price suggests a potential upside of 79.84% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group started coverage on Mentari Therapeutics in a report on Tuesday. They issued a “buy” rating and a $30.00 price target on the stock. TD Cowen initiated coverage on Mentari Therapeutics in a research report on Wednesday. They set a “strong-buy” rating on the stock. Zacks Research started coverage on Mentari Therapeutics in a report on Wednesday. They issued a “hold” rating on the stock. Guggenheim initiated coverage on Mentari Therapeutics in a research report on Monday. They issued a “strong-buy” rating for the company. Finally, Stifel Nicolaus initiated coverage on Mentari Therapeutics in a research note on Tuesday. They set a “buy” rating and a $30.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $31.00.

Mentari Therapeutics Stock Up 17.6%

Shares of MTRI stock opened at $18.35 on Friday. Mentari Therapeutics has a 1-year low of $5.75 and a 1-year high of $23.30.

Insiders Place Their Bets

In other news, major shareholder Adar1 Capital Management, Llc purchased 2,640 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were purchased at an average price of $13.10 per share, with a total value of $34,584.00. Following the purchase, the insider directly owned 98,297 shares of the company’s stock, valued at approximately $1,287,690.70. This represents a 2.76% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Mentari Therapeutics Company Profile

InMed Pharmaceuticals Inc., a clinical stage pharmaceutical company, researches and develops cannabinoid-based therapies. The company’s lead product is INM-755, a cannabinol topical cream, which is in a second Phase I clinical trials for the treatment of epidermolysis bullosa. The company is also involved in developing INM-088, which is in preclinical studies for the treatment of glaucoma; and INM-405 for the treatment of pain. In addition, it engages in the development of cannabinoid-based treatments for various diseases, including dermatology and ocular diseases.