InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Acquires 468,551 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 468,551 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $1.54 per share, for a total transaction of $721,568.54. Following the purchase, the insider owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. This trade represents a 141.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ INM opened at $1.73 on Friday. The company has a market cap of $5.73 million, a price-to-earnings ratio of -0.60 and a beta of 0.57. InMed Pharmaceuticals Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $7.98. The business’s 50 day moving average price is $0.77 and its 200-day moving average price is $1.04.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission. 20.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

About InMed Pharmaceuticals

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.