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With 10.45% Distance From Low, Is InMed Pharmaceuticals Inc. (NASDAQ:INM) Still Renewed For Growth?

In last trading session, InMed Pharmaceuticals Inc. (NASDAQ:INM) saw 0.26 million shares changing hands with its beta currently measuring 0.97. Company’s recent per share price level of $2.68 trading at -$0.04 or -1.47% at ring of the bell on the day assigns it a market valuation of $3.48M. That closing price of INM’s stock is at a discount of -1933.58% from its 52-week high price of $54.50 and is indicating a premium of 10.45% from its 52-week low price of $2.40. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 3.51 million shares which gives us an average trading volume of 1.49 million if we extend that period to 3-months.

InMed Pharmaceuticals Inc. (NASDAQ:INM) trade information

Upright in the red during last session for losing -1.47%, in the last five days INM remained trading in the red while hitting it’s week-highest on Thursday, 11/17/22 when the stock touched $2.68 price level, adding 42.12% to its value on the day. InMed Pharmaceuticals Inc.’s shares saw a change of -91.82% in year-to-date performance and have moved -29.29% in past 5-day. InMed Pharmaceuticals Inc. (NASDAQ:INM) showed a performance of -18.54% in past 30-days. Number of shares sold short was 6220.0 shares which calculate 0.01 days to cover the short interests.

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Wall Street analysts have assigned a consensus price target of $20.00 to the stock, which implies a rise of 86.6% to its current value. Analysts have been projecting $20.00 as a low price target for the stock while placing it at a high target of $20.00. It follows that stock’s current price would drop -646.27% in reaching the projected high whereas dropping to the targeted low would mean a loss of -646.27% for stock’s current value.

InMed Pharmaceuticals Inc. (INM) estimates and forecasts

Statistics highlight that InMed Pharmaceuticals Inc. is scoring comparatively higher than the scores of other players of the relevant industry. The company lost -85.89% of value to its shares in past 6 months, showing an annual growth rate of 48.00% while that of industry is 11.30. Apart from that, the company came raising its revenue forecast for fiscal year 2022. This year revenue growth is estimated to rise 359.10% from the last financial year’s standing.

1 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $500k for the same. And 1 analysts are in estimates of company making revenue of $500k in the next quarter that will end on Dec 2022.

Weighing up company’s earnings over the past 5-year and in the next 5-year periods, we find the company posting an annual earnings growth rate of 2.80% during past 5 years.

INM Dividends

InMed Pharmaceuticals Inc. is more likely to be releasing its next quarterly report between February 13 and February 17 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

InMed Pharmaceuticals Inc. (NASDAQ:INM)’s Major holders

Insiders are in possession of 0.56% of company’s total shares while institution are holding 12.75 percent of that, with stock having share float percentage of 12.82%. Investors also watch the number of corporate investors in a company very closely, which is 12.75% institutions for InMed Pharmaceuticals Inc. that are currently holding shares of the company. Armistice Capital, LLC is the top institutional holder at INM for having 38245.0 shares of worth $0.45 million. And as of Jun 29, 2022, it was holding 4.21% of the company’s outstanding shares.

The second largest institutional holder is Renaissance Technologies, LLC, which was holding about 1988.0 shares on Jun 29, 2022. The number of shares represents firm’s hold over 0.22% of outstanding shares, having a total worth of $23378.0.

On the other hand, Fidelity NASDAQ Composite Index Fund and Blackstone Alternative Multi-Strategy Fund are the top two Mutual Funds which own company’s shares. As of Jun 29, 2022, the former fund manager was holding 556.0 shares of worth $6538.0 or 0.06% of the total outstanding shares. The later fund manager was in possession of 48.0 shares on Jun 29, 2022, making its stake of worth around $564.0 in the company or a holder of 0.01% of company’s stock.

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