InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Purchases 28,505 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 28,505 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $1.29 per share, with a total value of $36,771.45. Following the acquisition, the insider owned 829,505 shares of the company’s stock, valued at $1,070,061.45. This represents a 3.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Wednesday, September 16th, Adar1 Capital Management, Llc purchased 8,340 shares of InMed Pharmaceuticals stock. The stock was acquired at an average cost of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, for a total transaction of $70,532.80.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock opened at $1.28 on Thursday. The company’s fifty day simple moving average is $1.47 and its two-hundred day simple moving average is $1.21. The company has a market cap of $4.24 million, a P/E ratio of -0.44 and a beta of 0.98. InMed Pharmaceuticals Inc. has a 12-month low of $0.57 and a 12-month high of $2.50.

InMed Pharmaceuticals (NASDAQ:INM) last posted its earnings results on Wednesday, September 9th. The company reported ($1.43) EPS for the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals at the end of the most recent reporting period. Institutional investors own 20.12% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered 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, According to MarketBeat, the stock has a consensus rating of “Sell”.

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.