Key Points
- InMed Pharmaceuticals major shareholder Adar1 Capital Management bought 468,551 shares for about $721,569 at an average price of $1.54, increasing its stake to 800,000 shares.
- The purchase lifted Adar1’s holdings by 141.36%, and the position is now valued at roughly $1.23 million, according to an SEC filing.
- InMed recently reported a smaller-than-expected loss of ($0.69) EPS for the quarter, while analysts currently have a consensus rating of “Sell.”
InMed Pharmaceuticals Inc. (NASDAQ:INM - Get Free Report) major shareholder Adar1 Capital Management, Llc acquired 468,551 shares of InMed Pharmaceuticals stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average price of $1.54 per share, for a total transaction of $721,568.54. Following the completion of the acquisition, the insider directly owned 800,000 shares in the company, valued at approximately $1,232,000. This represents a 141.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.
InMed Pharmaceuticals Price Performance
Shares of NASDAQ:INM opened at $1.73 on Friday. The firm has a market capitalization of $5.73 million, a P/E ratio of -0.60 and a beta of 0.57. InMed Pharmaceuticals Inc. has a 12 month low of $0.58 and a 12 month high of $7.98. The company's fifty day moving average price is $0.77 and its 200 day moving average price is $1.04.
InMed Pharmaceuticals (NASDAQ:INM - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.
Hedge Funds Weigh In On InMed Pharmaceuticals
An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 219,998 shares of the company's stock, valued at approximately $482,000. InMed Pharmaceuticals makes up 0.6% of Sabby Management LLC's holdings, making the stock its 12th biggest holding. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".
Check Out Our Latest Research Report on INM
InMed Pharmaceuticals Company Profile
(
Get Free Report)
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.
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