InMed Pharmaceuticals (NASDAQ:INM) Announces Quarterly Earnings Results, Beats Estimates By $94.02 EPS

InMed Pharmaceuticals (NASDAQ:INM) announced its quarterly earnings data on Tuesday. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($94.44) by $94.02, FiscalAI reports.

InMed Pharmaceuticals Stock Performance

INM traded up $0.07 during midday trading on Tuesday, reaching $1.70. 82,393 shares of the company were exchanged, compared to its average volume of 805,135. The stock has a market capitalization of $5.63 million, a P/E ratio of -1.05 and a beta of 0.93. InMed Pharmaceuticals has a one year low of $0.57 and a one year high of $2.33. The stock’s 50-day simple moving average is $1.38 and its 200 day simple moving average is $1.21.

InMed Pharmaceuticals shares are scheduled to split on the morning of Thursday, November 5th. The 2-1 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Wednesday, November 4th.

Insider Activity at InMed Pharmaceuticals

In other news, major shareholder Adar1 Capital Management, Llc purchased 54,256 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average cost of $1.30 per share, for a total transaction of $70,532.80. Following the transaction, the insider directly owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. The trade was a 6.54% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders bought 155,584 shares of company stock valued at $203,804. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals Inc is a Canada-based biotechnology company focused on developing pharmaceutical therapies that target the endocannabinoid system. The company’s research uses rare cannabinoids and cannabinoid analogs to address diseases with significant unmet medical needs, with an emphasis on neurological, ophthalmic and dermatological conditions.

InMed’s pipeline has included INM-901, an investigational program being developed for Alzheimer’s disease, as well as earlier programs targeting eye diseases such as glaucoma and age-related macular degeneration and the rare skin disorder epidermolysis bullosa.