Equities researchers at Guggenheim initiated coverage on shares of InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) in a report issued on Monday, Benzinga reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. Guggenheim‘s target price would indicate a potential upside of 189.66% from the stock’s previous close.
Separately, Weiss Ratings downgraded 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 stock. According to MarketBeat.com, InMed Pharmaceuticals currently has an average rating of “Hold” and an average target price of $42.00.
View Our Latest Research Report on InMed Pharmaceuticals
InMed Pharmaceuticals Stock Performance
The company has a market cap of $4.79 million, a PE ratio of -8.84 and a beta of 0.94. The company has a 50 day moving average price of $13.98 and a two-hundred day moving average price of $12.17. InMed Pharmaceuticals has a 1 year low of $5.75 and a 1 year high of $23.30.
InMed Pharmaceuticals (NASDAQ:INM – Get Free Report) last announced its earnings results on Wednesday, September 9th. The company reported ($12.43) earnings per share (EPS) for the quarter.
Insider Buying and Selling
In other InMed Pharmaceuticals news, major shareholder Adar1 Capital Management, Llc bought 5,425 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was purchased at an average price of $13.00 per share, for a total transaction of $70,525.00. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought 15,553 shares of company stock worth $203,733 over the last quarter. 0.85% of the stock is owned by corporate insiders.
Institutional Trading of InMed Pharmaceuticals
A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 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. Hedge funds and other institutional investors own 20.12% of the company’s stock.
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.
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