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Why Is InMed Pharmaceuticals (INM) Stock Down 25% Today?

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  • InMed Pharmaceuticals (INM) stock is dropping on Wednesday after a recent rally.
  • The company’s shares rose Tuesday with heavy trading on study results.
  • Positive data was revealed for its Alzheimer’s drug candidate.
INM Stock - Why Is InMed Pharmaceuticals (INM) Stock Down 25% Today?

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InMed Pharmaceuticals (NASDAQ:INM) stock is falling on Wednesday after the pharmaceutical company’s shares underwent a massive rally on Tuesday!

INM stock was up 70.5% when normal trading hours ended on Tuesday. That came as some 101 million shares changed hands. For the record, its daily average trading volume is well below that at roughly 1.6 million shares.

The rally of INM stock yesterday came about after the company data for its Alzheimer’s drug candidate. The big news here is positive proof-of-concept study results.

Here’s what InMed Pharmaceuticals said about these study results:

“Based on early in vitro research, INM-901 showed potential to target several biological pathways associated with Alzheimer’s, including neuroprotection to the brain neurons from beta-amyloid peptide-induced toxicity and improving neuronal function via extension of neurite length.”

INM Stock Movement Today

Considering the major rise InMed Pharmaceuticals’ stock underwent yesterday, it makes sense it would give up some of those gains the following day.

This has INM stock down 25.4% as of Wednesday morning, with some 379,000 shares traded. That trading volume is still a ways off from its daily average. That’s a good sign for investors as it means today’s movement isn’t a case of traders dumping INM shares at the rally.

Investors looking for more of the most recent stock market stories on Wednesday after going to want to stick around!

We’re offering all of the biggest stock market news that traders need to know about on Wednesday! That includes what’s going on with shares of Sonnet BioTherapeutics (NASDAQ:SONN) stock, Reshape Lifesciences (NASDAQ:RSLS) stock and Abri SPAC I (NASDAQ:ASPA) stock today. All of that news is ready to go down below!

More Stock Market News for Wednesday

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/10/why-is-inmed-pharmaceuticals-inm-stock-down-25-today/.

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