CanninBot Signal Alert: InMed Pharma Soars 50%
Today, CanninBot recognized a BUY signal for InMed Pharma (Nasdaq: INM) which subsequently soars over 50% on the day.
But why did InMed stock soar 50% today?
InMed has added a ton of value after posting a research report that illustrates a “substantially different profile” for the company from a few months ago.
In the report, 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. In fact, this increase likely follows the closure of InMed’s BayMedica acquisition last month. BayMedica, is a U.S.-based company focused on the production and commercialization of cannabinoids and will add a ton of value to InMed.
Additionally, Edison estimates InMed will raise an additional $11M in FY23 and notes that the exact amount of funding will depend on the expenditure for the combined business.
All good news for InMed investors today! Did you get the CanninBot signal? Get your free week now.
CanninBot Signal Alert: InMed Pharma Soars 50%
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