InMed Pharmaceuticals Stock to Split on Thursday, November 5th (NASDAQ:INM)

InMed Pharmaceuticals Inc. (NASDAQ:INM) shares are set to split before the market opens on Thursday, November 5th. The 2-1 split was recently announced. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, November 4th.

InMed Pharmaceuticals Stock Performance

InMed Pharmaceuticals stock opened at $1.60 on Friday. The firm has a market cap of $5.30 million, a price-to-earnings ratio of -0.98 and a beta of 0.93. InMed Pharmaceuticals has a 1 year low of $0.57 and a 1 year high of $2.33. The firm’s 50 day moving average price is $1.38 and its two-hundred day moving average price is $1.21.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings results on Wednesday, September 9th. The company reported ($1.24) earnings per share (EPS) for the quarter.

Wall Street Analysts Forecast Growth

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 data from MarketBeat, the stock has a consensus rating of “Sell”.

Insider Transactions at InMed Pharmaceuticals

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc bought 54,256 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $1.30 per share, for a total transaction of $70,532.80. Following the completion of the acquisition, the insider directly owned 883,761 shares of the company’s stock, valued at approximately $1,148,889.30. This trade represents a 6.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have acquired 155,584 shares of company stock worth $203,804. 0.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 quarter. 20.12% of the stock is currently owned by institutional investors and hedge funds.

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.