Most investors are almost always on the lookout for stocks which have made strong gains over a reasonable period of time and if you are looking into such stocks today, it could be a good idea to look into the InMed Pharmaceuticals Inc (NASDAQ:INM) stock.
Key Triggers
Yesterday, the InMed stock was on the move and ended the day with gains of as much as 20% amidst heavy interest. That took its gains for the past week to as much as 28%. While the gains are eye catching, investors need to note that there has been no news at all about the company over the course of the past week.
As it happens, one would go back to September 24 when InMed announced its financial results for its fiscal year that had ended on June 30, 2021.
In the aforementioned fiscal year, the company suffered a net loss to the tune of as much as $10.2 million, which worked out to $1.52 per share. In the prior year period, the losses had stood at $8.9 million but on a per share basis it had come in at $1.71. At this point, investors could do well to keep an eye on the InMed stock.
Traders Note:
INM stock is trading above the 20-Day and 50-Day Moving averages of $1.68 and $1.97. However, the stock is trading below 200-Day moving average of $3.12. The stock is down 39% so far this year.
Market Reaction:
On Wednesday, INM stock rose 20.48% at $2.0000 with more than 2.51 million shares, compared to its average volume of 344.74K shares. The stock has moved within a range of $1.7000 – 2.0000 after opening the trade at $1.7000.
