InMed Pharmaceuticals (NASDAQ:INM) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of InMed Pharmaceuticals (NASDAQ:INM – Get Rating) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “InMed Pharmaceuticals Inc. is a clinical-stage pharmaceutical company. It engages in developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol in diseases with unmet medical need. InMed Pharmaceuticals Inc. is based in VANCOUVER, BC. “

Separately, Roth Capital lowered shares of InMed Pharmaceuticals from a buy rating to a neutral rating in a research note on Monday.

Shares of INM stock opened at $0.79 on Thursday. The company has a quick ratio of 2.49, a current ratio of 2.13 and a debt-to-equity ratio of 0.05. InMed Pharmaceuticals has a fifty-two week low of $0.65 and a fifty-two week high of $3.51. The firm’s 50 day moving average price is $0.87 and its two-hundred day moving average price is $1.15.

InMed Pharmaceuticals (NASDAQ:INM – Get Rating) last announced its quarterly earnings results on Friday, May 13th. The company reported ($0.25) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.25). Analysts expect that InMed Pharmaceuticals will post -0.99 EPS for the current year.

Large investors have recently modified their holdings of the stock. Morgan Stanley increased its stake in InMed Pharmaceuticals by 76.6% during the first quarter. Morgan Stanley now owns 12,581 shares of the company’s stock valued at $41,000 after purchasing an additional 5,459 shares during the last quarter. Renaissance Technologies LLC bought a new stake in InMed Pharmaceuticals during the fourth quarter valued at $58,000. Finally, Empery Asset Management LP bought a new stake in InMed Pharmaceuticals during the first quarter valued at $58,000. Institutional investors and hedge funds own 2.88% of the company’s stock.

InMed Pharmaceuticals Company Profile (Get Rating)

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, researches and develops cannabinoid-based therapies. The company's lead product is INM-755, a cannabinol topical cream, which is in a second Phase I clinical trials for the treatment of epidermolysis bullosa. The company is also involved in developing INM-088, which is in preclinical studies for the treatment of glaucoma; and INM-405 for the treatment of pain.

Further Reading