why InMed Pharmaceuticals Inc. [INM] is a Good Choice for Investors After New Price Target of $20.00

InMed Pharmaceuticals Inc. [NASDAQ: INM] jumped around 7.76 points on Monday, while shares priced at $18.78 at the close of the session, up 70.42%. The company report on September 9, 2022 that InMed Pharmaceuticals Announces $6 Million Private Placement Priced at a Premium to Market.


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InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the research, development and manufacturing of rare cannabinoids, today announced that it has entered into a securities purchase agreement with two healthcare-focused institutional investors for the issuance and sale of 691,245 of its common shares at a purchase price of $8.68 per share (or pre-funded warrant in lieu thereof) in a private placement priced at-the-market under Nasdaq rules. In addition, the Company has agreed to issue to the investors in the offering unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 1,382,490 common shares. The aggregate gross proceeds to the Company from the private placement is expected to be approximately $6 million. The offering is expected to close on or about September 13, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

InMed Pharmaceuticals Inc. stock is now -42.66% down from its year-to-date (YTD) trading value. INM Stock saw the intraday high of $19.50 and lowest of $13.78 per share. The company’s 52-week high price is 59.25, which means current price is +222.54% above from all time high which was touched on 01/05/22.

Compared to the average trading volume of 94.44K shares, INM reached a trading volume of 31804707 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about InMed Pharmaceuticals Inc. [INM]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for INM shares is $20.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on INM stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

The Average True Range (ATR) for InMed Pharmaceuticals Inc. is set at 2.28, with the Price to Sales ratio for INM stock in the period of the last 12 months amounting to 18.50. The Price to Book ratio for the last quarter was 12.74.

How has INM stock performed recently?

InMed Pharmaceuticals Inc. [INM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 134.53. With this latest performance, INM shares gained by 89.08% in over the last four-week period, additionally plugging by 0.85% over the last 6 months – not to mention a drop of -64.06% 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 82.44, with the RSI for the last a single of trading hit 89.26, and the three-weeks RSI is set at 75.75 for InMed Pharmaceuticals Inc. [INM]. The present Moving Average for the last 50 days of trading for this stock 9.72, while it was recorded at 11.25 for the last single week of trading, and 21.41 for the last 200 days.

InMed Pharmaceuticals Inc. [INM]: Deeper insight into the 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.

Insider trade positions for InMed Pharmaceuticals Inc. [INM]

There are presently around $1 million, or 9.05% of INM stock, in the hands of institutional investors. The top three institutional holders of INM stocks are: ARMISTICE CAPITAL, LLC with ownership of 38,245, which is approximately New of the company’s market cap and around 0.78% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 1,988 shares of the stock with an approximate value of $37000.0 in INM stocks shares; and TWO SIGMA ADVISERS, LP, currently with $36000.0 in INM stock with ownership of nearly -68.754% of the company’s market capitalization.

Positions in InMed Pharmaceuticals Inc. stocks held by institutional investors increased at the end of September and at the time of the September reporting period, where 6 institutional holders increased their position in InMed Pharmaceuticals Inc. [NASDAQ:INM] by around 38,978 shares. Additionally, 6 investors decreased positions by around 9,595 shares, while 9 investors held positions by with 4,771 shares. The mentioned changes placed institutional holdings at 43,802 shares, according to the latest SEC report filing. INM stock had 5 new institutional investments in for a total of 38,798 shares, while 4 institutional investors sold positions of 5,340 shares during the same period.

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