Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $70,532.80 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $1.30 per share, for a total transaction of $70,532.80. Following the completion of the purchase, the insider directly owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This trade represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, for a total transaction 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 price of $1.29 per share, for a total transaction of $10,758.60.

InMed Pharmaceuticals Stock Down 2.2%

Shares of INM stock opened at $1.36 on Friday. The firm has a 50 day moving average of $1.46 and a two-hundred day moving average of $1.22. The stock has a market capitalization of $4.50 million, a PE ratio of -0.83 and a beta of 0.98. InMed Pharmaceuticals Inc. has a 52 week low of $0.57 and a 52 week high of $2.50.

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

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 note on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 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 quarter. 20.12% of the stock is owned by institutional investors and hedge funds.

InMed Pharmaceuticals Company Profile

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.