InMed Pharmaceuticals Inc. (INM)

[Golden Cross]

InMed Pharma_soars_after_releasing_extracts_from_research_report

Nov. 17, 2021 11:26 AM ETInMed Pharmaceuticals Inc.

Merger Acquisition


InMed Pharmaceuticals (INM +50.7%) has added more than a third in value after posting excerpts from a research report that illustrated a “substantially different profile” for the company from a few months ago.

In the report, commissioned by InMed (NASDAQ:INM), Edison Investment Research has adjusted the company valuation to $290m or $20.53 per basic share from $293m or $24.24 per basic share previously. Edison attributes its decision mainly to an increase in the number of shares outstanding following the closure of InMed’s (INM) BayMedica acquisition.

The company stock closed at $1.40 per share on Tuesday.

The firm also estimates InMed’s (INM) will raise an additional $11M in FY23 and notes that the exact amount of funding will depend on the expenditure for the combined business.

In October, InMed (INM) announced that it completed the acquisition of BayMedica, a U.S.-based company focused on the production and commercialization of cannabinoids.