InMed Pharmaceuticals witnessed a sharp decline in stock prices on Wednesday, following an extraordinary surge in the pharmaceutical company’s shares the previous day.
At the time of this publication, InMed Pharmaceuticals Inc stock (INM) has witnessed a decline.
InMed Pharmaceuticals Inc
Current Price: $0.73
Change : -0.26
Change (%): (-26.20%)
Volume: 2.2M
Source: Tomorrow Events Market Data
At the close of normal trading hours on Tuesday, INM stock soared by an impressive 70.5%, with a staggering 101 million shares changing hands. This figure dwarfs the daily average trading volume, which hovers around 1.6 million shares.
The surge in INM stock on Tuesday was spurred by the announcement of the selection of a lead Alzheimer’s disease drug candidate, identified as INM-901. This decision followed positive outcomes from a series of proof-of-concept studies conducted in a validated Alzheimer’s disease treatment model. InMed is set to propel INM-901, a cannabinoid analog, through its pharmaceutical drug development program.
Preliminary in vitro research indicates that INM-901 exhibits potential in targeting various biological pathways associated with Alzheimer’s disease. These include shielding brain neurons from beta-amyloid peptide-induced toxicity, as well as enhancing neuronal function by extending neurite length. In addition to these encouraging in vitro findings, INM-901 demonstrated favorable results in an in vivo preclinical Alzheimer’s proof-of-concept model. When compared to the placebo-treated Alzheimer’s disease group in these preclinical studies, INM-901 treatment groups displayed a positive trend in cognitive function and memory, locomotor activity, anxiety-based behavior, and sound awareness.
The forthcoming stages involve advanced preclinical studies encompassing drug metabolism, pharmacokinetics, and the initiation of pharmaceutical drug development activities, including manufacturing and formulation.
Dr. Eric Hsu, Senior Vice President of Preclinical Research and Development at InMed, expressed confidence in the potential of INM-901, stating, “The most recent studies of INM-901 demonstrate promising disease-modifying effects in an Alzheimer’s disease treatment model. We are optimistic that the next stage of studies will continue to show how this cannabinoid analog can improve neuronal function, a potential breakthrough in Alzheimer’s treatment.”
In light of the significant surge experienced by InMed Pharmaceuticals’ stock, a subsequent retracement in value was anticipated.
During Wednesday morning trading, INM stock observed a 25.4% decrease, with approximately 379,000 shares changing hands. This volume remains well below the standard daily average, indicating that the day’s movements do not stem from traders hastily offloading INM shares acquired during the rally.
