InMed Pharmaceuticals (NASDAQ:INM) Posts Quarterly Earnings Results

InMed Pharmaceuticals (NASDAQ:INM) issued its quarterly earnings results on Wednesday. The company reported ($0.51) earnings per share for the quarter, FiscalAI reports. The firm had revenue of $0.82 million during the quarter. InMed Pharmaceuticals had a negative return on equity of 85.91% and a negative net margin of 171.13%.

InMed Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ INM traded down $0.01 during midday trading on Wednesday, hitting $0.99. The stock had a trading volume of 157,749 shares, compared to its average volume of 70,258. The business’s 50 day moving average is $1.17 and its 200-day moving average is $1.74. The company has a market cap of $2.77 million, a P/E ratio of -0.16 and a beta of 0.41. InMed Pharmaceuticals has a 52 week low of $0.90 and a 52 week high of $7.98. The company has a quick ratio of 6.37, a current ratio of 6.95 and a debt-to-equity ratio of 0.02.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for about 0.6% of Sabby Management LLC’s holdings, making the stock its 12th biggest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent filing with the SEC. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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.