InMed Pharmaceuticals stock hits 52-week low at $1.72

In a challenging year for InMed Pharmaceuticals Inc., the stock has touched a 52-week low, trading at $1.72. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a strong current ratio of 3.05, despite market pressures. This price point reflects a significant downturn for the company, with the stock experiencing a precipitous 1-year change, plummeting by -72.14%. Investors have watched with concern as the stock struggled to find its footing amidst market pressures and industry-specific challenges, leading to this new low. The 52-week low serves as a critical marker for the company, indicating a period of intense volatility and uncertainty for shareholders and potential investors. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with analysis showing the company may be undervalued at current levels. Subscribers can access 15 additional ProTips and comprehensive financial metrics to make more informed investment decisions.

In other recent news, InMed Pharmaceuticals Inc. has announced the advancement of its intravitreal formulation, INM-089, for treating dry age-related macular degeneration (AMD (NASDAQ:AMD)). This development follows successful preclinical studies showing a favorable safety profile at doses significantly above therapeutic levels. The promising results have led to further preclinical research, including GLP-enabling studies and potential future clinical trials. In a separate update, InMed has secured an international patent under the Patent Cooperation Treaty, marking a significant milestone for its cannabinoid analogs. This patent, granted in Mexico, covers novel compounds for conditions like pain, glaucoma, and neurological disorders such as Parkinson's and Alzheimer's diseases. The patent protects the company's research investments and drug production methods for 20 years from issuance. InMed's President and CEO, Eric A. Adams, emphasized the patent's importance in safeguarding their innovative drug development efforts. These developments highlight InMed's ongoing commitment to addressing diseases with high unmet medical needs.

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