$1.88 Million in Sales Expected for InMed Pharmaceuticals Inc. (NASDAQ:INM) This Quarter

Equities analysts expect InMed Pharmaceuticals Inc. (NASDAQ:INMGet Rating) to post $1.88 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for InMed Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $750,000.00 and the highest estimate coming in at $3.00 million. The company is scheduled to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that InMed Pharmaceuticals will report full-year sales of $1.21 million for the current year, with estimates ranging from $550,000.00 to $1.77 million. For the next financial year, analysts forecast that the company will report sales of $5.90 million, with estimates ranging from $2.50 million to $10.19 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow InMed Pharmaceuticals.

InMed Pharmaceuticals (NASDAQ:INMGet Rating) last posted its earnings results on Friday, May 13th. The company reported ($0.25) earnings per share for the quarter, hitting the consensus estimate of ($0.25).

INM has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of InMed Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday. Roth Capital downgraded shares of InMed Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Monday, May 16th.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in InMed Pharmaceuticals during the fourth quarter valued at approximately $58,000. Morgan Stanley raised its position in shares of 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 buying an additional 5,459 shares during the last quarter. Finally, Empery Asset Management LP bought a new stake in shares of InMed Pharmaceuticals during the first quarter valued at approximately $58,000. 2.88% of the stock is currently owned by hedge funds and other institutional investors.

Shares of InMed Pharmaceuticals stock opened at $0.77 on Monday. InMed Pharmaceuticals has a 1 year low of $0.65 and a 1 year high of $3.51. The firm has a market cap of $11.31 million, a PE ratio of -0.63 and a beta of -0.28. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.13 and a quick ratio of 2.49. The company has a 50 day simple moving average of $0.87 and a two-hundred day simple moving average of $1.14.

About InMed Pharmaceuticals (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.

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