InMed Pharmaceuticals Inc. [INM] Stock trading around $1.95 per share: What’s Next?


InMed Pharmaceuticals Inc. [NASDAQ: INM] stock went on an upward path that rose over 39.29% on Wednesday, amounting to a one-week price increase of more than 45.52%. The company report on November 17, 2021 that InMed Pharmaceuticals (INM): Progress Across the Business.

With the recent closing of the BayMedica acquisition, InMed now has a substantially different profile than just a few months ago. The company is now in its commercial stage as BayMedica has been selling cannabichromene (CBC) in bulk. InMed has also advanced past the healthy volunteer stage in the INM-755 clinical program through the initiation of the INM-755 Phase II trial (755-201-EB) in up to 20 epidermolysis bullosa (EB) patients.

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We have adjusted our valuation to US$290m or US$20.53 per basic share, from US$293m or US$24.24 per basic share. This is mainly due to a higher number of shares outstanding following the share issuance as a result of the closure of the BayMedica acquisition. In addition, there was a decline in net cash. InMed had US$15.4m in cash and marketable securities at 30 September 2021. We currently model an additional US$11m being raised in FY23, though the exact funding requirement will depend on the expense level for the combined companies. We will update our financial model once BayMedica financials are included in regulatory filings, which is likely to occur with the next quarterly report.

Over the last 12 months, INM stock dropped by -40.73%. The one-year InMed Pharmaceuticals Inc. stock forecast points to a potential upside of 78.33.

The market cap for the stock reached $15.70 million, with 12.05 million shares outstanding and 8.00 million shares in the current float. Compared to the average trading volume of 524.06K shares, INM stock reached a trading volume of 141346269 in the most recent trading day, which is why market watchdogs consider the stock to be active.

INM Stock Performance Analysis:

InMed Pharmaceuticals Inc. [INM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 45.52. With this latest performance, INM shares gained by 17.47% in over the last four-week period, additionally sinking by -28.57% over the last 6 months – not to mention a drop of -40.73% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for INM stock in for the last two-week period is set at 65.41, with the RSI for the last a single of trading hit 73.65, and the three-weeks RSI is set at 59.41 for InMed Pharmaceuticals Inc. [INM]. The present Moving Average for the last 50 days of trading for this stock 1.6699, while it was recorded at 1.4860 for the last single week of trading, and 2.8518 for the last 200 days.

Insight into InMed Pharmaceuticals Inc. Fundamentals:

Return on Total Capital for INM is now -146.59, given the latest momentum, and Return on Invested Capital for the company is -152.17. Return on Equity for this stock declined to -157.30, with Return on Assets sitting at -117.94. When it comes to the capital structure of this company, InMed Pharmaceuticals Inc. [INM] has a Total Debt to Total Equity ratio set at 3.66. Additionally, INM Total Debt to Total Capital is recorded at 3.53, with Total Debt to Total Assets ending up at 2.76. Long-Term Debt to Equity for the company is recorded at 2.57, with the Long-Term Debt to Total Capital now at 2.48.

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InMed Pharmaceuticals Inc. [INM] Insider Position Details

There are presently around $1 million, or 6.34% of INM stock, in the hands of institutional investors. The top three institutional holders of INM stocks are: ARMISTICE CAPITAL, LLC with ownership of 510,000, which is approximately -42.697% of the company’s market cap and around 0.86% of the total institutional ownership; CITADEL ADVISORS LLC, holding 17,942 shares of the stock with an approximate value of $25000.0 in INM stocks shares; and VIRTU FINANCIAL LLC, currently with $16000.0 in INM stock with ownership of nearly New of the company’s market capitalization.

Positions in InMed Pharmaceuticals Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 5 institutional holders increased their position in InMed Pharmaceuticals Inc. [NASDAQ:INM] by around 16,837 shares. Additionally, 5 investors decreased positions by around 401,534 shares, while 11 investors held positions by with 141,280 shares. The mentioned changes placed institutional holdings at 559,651 shares, according to the latest SEC report filing. INM stock had 2 new institutional investments in for a total of 11,374 shares, while 3 institutional investors sold positions of 20,763 shares during the same period.