InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Acquires $721,568.54 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc purchased 468,551 shares of the stock in a transaction on Tuesday, May 19th. The shares were purchased at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the transaction, the insider directly owned 800,000 shares of the company’s stock, valued at approximately $1,232,000. This represents a 141.36% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

InMed Pharmaceuticals Stock Down 0.6%

NASDAQ INM opened at $1.72 on Friday. The stock’s 50-day simple moving average is $0.79 and its two-hundred day simple moving average is $1.04. InMed Pharmaceuticals Inc. has a twelve month low of $0.58 and a twelve month high of $7.98. The company has a market capitalization of $5.70 million, a price-to-earnings ratio of -0.60 and a beta of 0.57.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates 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%.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

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

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.