InMed Pharmaceuticals (NASDAQ:INM) Trading Up 5% – Time to Buy?

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s stock price was up 5% on Monday . The company traded as high as $1.35 and last traded at $1.25. Approximately 155,332 shares were traded during trading, a decline of 11% from the average daily volume of 175,064 shares. The stock had previously closed at $1.19.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

InMed Pharmaceuticals Stock Up 5.0%

The company’s 50 day simple moving average is $1.60 and its 200-day simple moving average is $2.17. The company has a current ratio of 6.95, a quick ratio of 6.37 and a debt-to-equity ratio of 0.02. The firm has a market cap of $3.50 million, a P/E ratio of -0.21 and a beta of 0.31.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.44) earnings per share for the quarter. The company had revenue of $1.12 million for the quarter. InMed Pharmaceuticals had a negative net margin of 171.13% and a negative return on equity of 85.91%.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is currently owned by institutional investors.

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.