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

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

InMed Pharmaceuticals Price Performance

Shares of INM stock opened at $1.72 on Friday. The firm has a 50-day moving average of $0.79 and a 200-day moving average of $1.04. The company has a market cap of $5.69 million, a P/E ratio of -0.60 and a beta of 0.57. InMed Pharmaceuticals Inc. has a one year low of $0.58 and a one year high of $7.98.

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

Analysts Set New Price Targets

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

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals as of its most recent SEC filing. 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.