InMed Pharmaceuticals Inc. (NASDAQ:INM) Expected to Post Quarterly Sales of $1.88 Million

Equities analysts forecast that InMed Pharmaceuticals Inc. (NASDAQ:INMGet Rating) will report sales of $1.88 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for InMed Pharmaceuticals’ earnings. The lowest sales estimate is $750,000.00 and the highest is $3.00 million. The company is scheduled to announce its next earnings report on Monday, January 1st.

On average, analysts expect that InMed Pharmaceuticals will report full-year sales of $1.21 million for the current year, with estimates ranging from $550,000.00 to $1.77 million. For the next year, analysts forecast that the company will report sales of $5.90 million, with estimates ranging from $2.50 million to $10.19 million. Zacks’ sales averages are an average based on a survey of analysts that follow InMed Pharmaceuticals.

InMed Pharmaceuticals (NASDAQ:INMGet Rating) last announced its earnings results on Friday, May 13th. The company reported ($0.25) EPS for the quarter, meeting analysts’ consensus estimates of ($0.25).

A number of research firms have commented on INM. Zacks Investment Research upgraded shares of InMed Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, May 19th. Roth Capital downgraded shares of InMed Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Monday, May 16th.

Several institutional investors and hedge funds have recently bought and sold shares of INM. Morgan Stanley grew its holdings in shares of InMed Pharmaceuticals by 76.6% during the first quarter. Morgan Stanley now owns 12,581 shares of the company’s stock worth $41,000 after purchasing an additional 5,459 shares during the last quarter. Renaissance Technologies LLC acquired a new position in InMed Pharmaceuticals in the fourth quarter valued at approximately $58,000. Finally, Empery Asset Management LP acquired a new position in InMed Pharmaceuticals in the first quarter valued at approximately $58,000. 2.88% of the stock is owned by institutional investors.

Shares of INM stock remained flat at $$0.80 during mid-day trading on Monday. 23,076 shares of the stock were exchanged, compared to its average volume of 161,068. InMed Pharmaceuticals has a fifty-two week low of $0.65 and a fifty-two week high of $3.51. The stock has a market cap of $11.70 million, a price-to-earnings ratio of -0.65 and a beta of -0.28. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.13 and a quick ratio of 2.49. The firm’s 50-day moving average is $0.88 and its 200 day moving average is $1.13.

InMed Pharmaceuticals Company Profile (Get Rating)

InMed Pharmaceuticals Inc, a clinical stage pharmaceutical company, researches and develops cannabinoid-based therapies. The company's lead product is INM-755, a cannabinol topical cream, which is in a second Phase I clinical trials for the treatment of epidermolysis bullosa. The company is also involved in developing INM-088, which is in preclinical studies for the treatment of glaucoma; and INM-405 for the treatment of pain.

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