Brokerages Expect InMed Pharmaceuticals Inc. (NASDAQ:INM) Will Announce Quarterly Sales of $1.88 Million

Wall Street brokerages forecast that InMed Pharmaceuticals Inc. (NASDAQ:INMGet Rating) will post sales of $1.88 million for the current quarter, Zacks reports. Two analysts have provided estimates for InMed Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $750,000.00 and the highest estimate coming in at $3.00 million. The firm is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that InMed Pharmaceuticals will report full year sales of $1.21 million for the current financial year, with estimates ranging from $550,000.00 to $1.77 million. For the next financial year, analysts expect that the firm will report sales of $5.90 million, with estimates ranging from $2.50 million to $10.19 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for InMed Pharmaceuticals.

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

A number of brokerages recently issued reports on INM. Zacks Investment Research upgraded InMed Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday. Roth Capital downgraded InMed Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Monday, May 16th.

Several institutional investors and hedge funds have recently modified their holdings of INM. Morgan Stanley raised its holdings in shares of InMed Pharmaceuticals by 76.6% during the 1st quarter. Morgan Stanley now owns 12,581 shares of the company’s stock worth $41,000 after acquiring an additional 5,459 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of InMed Pharmaceuticals during the 4th quarter worth approximately $58,000. Finally, Empery Asset Management LP purchased a new stake in InMed Pharmaceuticals during the 1st quarter valued at $58,000. 2.88% of the stock is currently owned by institutional investors and hedge funds.

InMed Pharmaceuticals stock opened at $0.77 on Monday. The business has a 50-day simple moving average of $0.87 and a two-hundred day simple moving average of $1.14. The company has a market cap of $11.31 million, a P/E ratio of -0.63 and a beta of -0.28. InMed Pharmaceuticals has a 52-week low of $0.65 and a 52-week high of $3.51. The company has a quick ratio of 2.49, a current ratio of 2.13 and a debt-to-equity ratio of 0.05.

About InMed Pharmaceuticals (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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