Mentari Therapeutics (NASDAQ:MTRI) Major Shareholder Purchases $34,584.00 in Stock

Mentari Therapeutics (NASDAQ:MTRI) major shareholder Adar1 Capital Management, Llc bought 2,640 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The stock was bought at an average price of $13.10 per share, for a total transaction of $34,584.00. Following the acquisition, the insider directly owned 98,297 shares of the company’s stock, valued at $1,287,690.70. The trade was a 2.76% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Mentari Therapeutics Price Performance

Shares of MTRI opened at $18.35 on Friday. Mentari Therapeutics has a 1-year low of $5.75 and a 1-year high of $23.30.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTRI. Jefferies Financial Group assumed coverage on Mentari Therapeutics in a report on Tuesday. They issued a “buy” rating and a $30.00 target price on the stock. TD Cowen started coverage on Mentari Therapeutics in a research note on Wednesday. They set a “strong-buy” rating for the company. Guggenheim started coverage on shares of Mentari Therapeutics in a research report on Monday. They set a “strong-buy” rating for the company. Finally, Stifel Nicolaus began coverage on shares of Mentari Therapeutics in a research report on Tuesday. They set a “buy” rating and a $30.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Strong Buy” and an average target price of $30.00.

Mentari Therapeutics Company Profile

InMed Pharmaceuticals Inc., a clinical stage pharmaceutical company, researches and develops cannabinoid-based therapies. The company’s lead product is INM-755, a cannabinol topical cream, which is in a second Phase I clinical trials for the treatment of epidermolysis bullosa. The company is also involved in developing INM-088, which is in preclinical studies for the treatment of glaucoma; and INM-405 for the treatment of pain. In addition, it engages in the development of cannabinoid-based treatments for various diseases, including dermatology and ocular diseases.