Adar1 Capital Management, Llc Purchases 54,256 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 54,256 shares of the company’s stock in a transaction on 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 purchase, the insider directly owned 883,761 shares in the company, valued at approximately $1,148,889.30. This represents a 6.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, September 16th, Adar1 Capital Management, Llc purchased 8,340 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.29 per share, with a total value of $10,758.60.

InMed Pharmaceuticals Price Performance

NASDAQ:INM remained flat at $1.28 during midday trading on Wednesday. The company had a trading volume of 19,749 shares, compared to its average volume of 947,402. The company’s 50 day simple moving average is $1.48 and its 200-day simple moving average is $1.21. The stock has a market capitalization of $4.24 million, a P/E ratio of -0.44 and a beta of 0.98. InMed Pharmaceuticals Inc. has a 52 week low of $0.57 and a 52 week high of $2.50.

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

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC purchased a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the second quarter, according to its most recent filing with the SEC. The firm 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 owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

About InMed Pharmaceuticals

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.