InMed Pharmaceuticals (NASDAQ:INM) Stock Price Up 7.5% – What’s Next?

Shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) shot up 7.5% during mid-day trading on Wednesday . The stock traded as high as $1.18 and last traded at $1.15. 82,312 shares were traded during trading, an increase of 1% from the average session volume of 81,391 shares. The stock had previously closed at $1.07.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

InMed Pharmaceuticals Stock Up 7.5%

The stock’s 50-day moving average price is $1.27 and its 200-day moving average price is $1.91. 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 stock has a market cap of $3.22 million, a price-to-earnings ratio of -0.19 and a beta of 0.33.

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 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.