InMed Pharmaceuticals (NASDAQ:INM) Stock Skyrockets 395: What’s The Buzz?
One of the stocks to have emerged as a major gainer on Wednesday was the InMed Pharmaceuticals (NASDAQ:INM) stock, which ended the day with gains of as much as 39% amidst heavy interest.
Market Stats
On Wednesday, INM stock soared 39.30% at $1.95 with more than 141.01 million shares, compared to its average volume of 530k shares. The stock has moved within a range of $1.4300 – 2.3700 after opening trading at $1.43.
Major News
In light of such enormous gains, it is likely that the stock is going to come into focus among investors once again this morning. The rally in the stock came about following an announcement from InMed yesterday. The company announced that after it completed the acquisition of BayMedica, it would have a radically different profile from what it did some months ago.
The acquisition turned InMed into a commercial stage company straightaway since BayMedica has been selling cannabichromene or CC in bulk for quite some time.
Hence, it goes without saying that the acquisition has completely change the face of the company and the rally in the InMed stock was hence understandable. The valuation of the acquisition, post adjustments from InMed, stood at $290 million and that worked out to $20.53 per basic share. However, it should be noted that the company had to use some of its net cash and also issue fresh shares in order to complete the acquisition.
Traders Corner
INM stock is trading above the 20-Day and 50-Day Moving averages of $1.53 and $1.67 respectively. However, the stock is trading below the 200-Day moving average of $2.85. The stock is down 12% in the past 3-month.
