Key Points
- Adar1 Capital Management increased its InMed Pharmaceuticals position by buying 28,505 shares at an average of $1.29, bringing its direct holdings to 829,505 shares valued at approximately $1.07 million.
- The shareholder also purchased 54,256 shares on September 15 and 8,340 shares on September 16, all near $1.29 per share.
- InMed reported a quarterly loss of $1.43 per share, while Weiss Ratings downgraded the stock to “sell (e+).” The stock had a consensus “Sell” rating, despite Montanova Capital acquiring 100,000 shares and institutional investors holding 20.12% of the company.
InMed Pharmaceuticals Inc. (NASDAQ:INM - Get Free Report) major shareholder Adar1 Capital Management, Llc acquired 8,340 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were acquired at an average price of $1.29 per share, for a total transaction of $10,758.60. Following the acquisition, the insider directly owned 892,101 shares in the company, valued at $1,150,810.29. This represents a 0.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% 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 Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The shares were bought at an average price of $1.29 per share, for a total transaction of $36,771.45.
- 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, with a total value of $70,532.80.
InMed Pharmaceuticals Price Performance
Shares of NASDAQ:INM opened at $1.28 on Thursday. The firm has a market cap of $4.24 million, a price-to-earnings 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. The company's fifty day simple moving average is $1.47 and its 200 day simple moving average is $1.21.
InMed Pharmaceuticals (NASDAQ:INM - Get Free Report) last released its earnings results on Wednesday, September 9th. The company reported ($1.43) earnings per share (EPS) for the quarter.
Analyst Upgrades and Downgrades
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, Based on data from MarketBeat.com, InMed Pharmaceuticals has a consensus rating of "Sell".
View Our Latest Report on INM
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 stake in InMed Pharmaceuticals Inc. (NASDAQ:INM - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 100,000 shares of the company's stock, valued at approximately $155,000. Montanova Capital LLC owned 3.02% of InMed Pharmaceuticals as of its most recent filing with the SEC. Institutional investors and hedge funds own 20.12% of the company's stock.
About InMed Pharmaceuticals
(
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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