InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $10,667.93 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 8,021 shares of the business’s stock in a transaction dated Wednesday, October 14th. The stock was purchased at an average price of $1.33 per share, for a total transaction of $10,667.93. Following the acquisition, the insider directly owned 954,509 shares of the company’s stock, valued at approximately $1,269,496.97. The trade was a 0.85% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, October 15th, Adar1 Capital Management, Llc purchased 984 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.32 per share, with a total value of $1,298.88.
• On Tuesday, October 13th, Adar1 Capital Management, Llc purchased 564 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.33 per share, with a total value of $750.12.
• On Thursday, October 8th, Adar1 Capital Management, Llc purchased 2,256 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.33 per share, with a total value of $3,000.48.
• On Wednesday, October 7th, Adar1 Capital Management, Llc purchased 3,046 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.33 per share, with a total value of $4,051.18.
• On Tuesday, October 6th, Adar1 Capital Management, Llc purchased 5,601 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost of $1.33 per share, for a total transaction of $7,449.33.
• On Monday, October 5th, Adar1 Capital Management, Llc acquired 18,182 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.33 per share, for a total transaction of $24,182.06.
• On Friday, October 2nd, Adar1 Capital Management, Llc bought 8,307 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.33 per share, with a total value of $11,048.31.
• On Thursday, October 1st, Adar1 Capital Management, Llc bought 16,431 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.33 per share, for a total transaction of $21,853.23.
• On Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, for a total transaction of $36,771.45.
• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.29 per share, for a total transaction of $10,758.60.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock traded up $0.02 during midday trading on Thursday, reaching $1.33. 17,594 shares of the company’s stock traded hands, compared to its average volume of 853,182. The company has a market cap of $4.42 million, a PE ratio of -0.81 and a beta of 0.93. The stock has a 50 day moving average of $1.38 and a 200-day moving average of $1.29. InMed Pharmaceuticals Inc. has a 12 month low of $0.57 and a 12 month high of $2.33.

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

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC bought a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned about 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. Institutional investors and hedge funds own 20.12% of the company’s stock.

Wall Street Analyst Weigh In

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

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of therapies based on rare cannabinoids. The company is developing pharmaceutical candidates intended to address diseases with significant unmet medical needs, using its proprietary IntegraSyn technology to support the production and formulation of cannabinoids.

InMed’s pharmaceutical pipeline has included INM-755, a topical cannabinol-based candidate being investigated for epidermolysis bullosa simplex, a rare genetic skin disorder.