InMed Pharmaceuticals (NASDAQ:INM) Stock Price Down 2.2% – Here’s What Happened

Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) fell 2.2% during mid-day trading on Monday . The stock traded as low as $1.35 and last traded at $1.35. Approximately 90,046 shares were traded during trading, an increase of 6% from the average session volume of 84,583 shares. The stock had previously closed at $1.38.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised InMed Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, InMed Pharmaceuticals has an average rating of “Sell”.

InMed Pharmaceuticals Trading Down 2.2%

The stock has a market cap of $4.47 million, a price-to-earnings ratio of -0.47 and a beta of 0.96. The stock’s 50 day moving average is $1.53 and its two-hundred day moving average is $1.18.

Insider Buying and Selling at InMed Pharmaceuticals

In related news, major shareholder Vivo Opportunity, Llc purchased 32,500 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were purchased at an average price of $1.52 per share, with a total value of $49,400.00. Following the completion of the acquisition, the insider directly owned 718,444 shares in the company, valued at $1,092,034.88. This represents a 4.74% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought a total of 131,436 shares of company stock worth $203,294 in the last three months. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is owned by hedge funds and other institutional investors.

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.