InMed Pharmaceuticals (NASDAQ:INM) Stock Picked Up by Analysts at Guggenheim

Research analysts at Guggenheim began coverage on shares of InMed Pharmaceuticals (NASDAQ:INM) in a research report issued on Monday, Benzinga reports. The firm set a “buy” rating and a $42.00 price target on the stock. Guggenheim‘s target price points to a potential upside of 189.66% from the company’s previous close.

Separately, Weiss Ratings lowered shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $42.00.

InMed Pharmaceuticals Stock Performance

The company’s 50-day moving average is $13.98 and its two-hundred day moving average is $12.17. The company has a market cap of $4.79 million, a price-to-earnings ratio of -8.84 and a beta of 0.94. InMed Pharmaceuticals has a one year low of $5.75 and a one year high of $23.30.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, September 9th. The company reported ($12.43) earnings per share for the quarter.

Insiders Place Their Bets

In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc purchased 5,425 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average cost of $13.00 per share, for a total transaction of $70,525.00. Following the purchase, the insider directly owned 88,376 shares of the company’s stock, valued at $1,148,888. This trade represents a 6.54% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders purchased 15,553 shares of company stock valued at $203,733. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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 reporting period. Hedge funds and other institutional investors own 20.12% of the company’s stock.

About InMed Pharmaceuticals

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.