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InMed (INM) Gets Grant to Begin Neurodegenerative Diseases Program
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Shares of InMed Pharmaceuticals (INM - Free Report) surged 36.33% at market close after the company announced the launch of its neurodegenerative disease program (INM-900 series), to investigate the effects of cannabinoid analogs to treat diseases such as Alzheimer’s, Huntington’s and Parkinson’s.
Additionally, InMed has also been awarded an Alliance grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) to support the research and development of its cannabinoid drug candidates for the potential treatment of the aforementioned diseases.
To date, InMed has identified two promising cannabinoid analogs which have exhibited positive effects related to the treatment of neurodegenerative diseases. InMed will use in vivo models in neurodegenerative diseases to select the most appropriate candidate for clinical studies. The company intends to release early preclinical efficacy data by the second quarter of 2023.
However, shares of InMed Pharmaceuticals have declined 84.4%, compared to the industry’s decline of 31.0%.
Image Source: Zacks Investment Research
InMed is a clinical-stage pharmaceutical company focused on developing a pipeline of prescription-based products, including cannabinoids and novel cannabinoid analogs for diseases with unmet medical needs.
The company currently has two initial drug candidates, INM-755 for epidermolysis bullosa (EB) and INM-088 for glaucoma, under development.
INM-755 cannabinol cream is currently being evaluated in a phase II study for treating patients with EB.
InMed completed a pre-investigational new drug application (pIND) discussion with the FDA in the fourth quarter for the preclinical studies and early development plans for INM-088 for glaucoma. The company intends to file regulatory applications in the first half of 2021 to initiate a human trial of the candidate.
Both these drug candidates are also being explored for additional uses beyond their initial indications.
Assertio earnings per share estimates for 2022 have improved by a cent to 52 cents in the past 30 days. The same for 2023 has improved from 33 cents to 44 cents in the same time frame.
Earnings of Assertio beat estimates in three of the trailing four quarters, while beating the same in the reaming occasion. The average earnings surprise for ASRT is 54.96%.
Esperion’s loss per share estimates for 2022 have narrowed from $3.82 to $3.66 in the past 30 days. The loss per share for 2023 has narrowed from $1.89 to $1.67 in the same time frame.
Earnings of Esperion beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion. The average earnings surprise for ESPR is 7.30%.
Ionis Pharmaceuticals’ loss estimates for 2022 have narrowed down from $2.53 to $2.45 in the past 30 days. The loss estimates for 2023 have widened from $1.96 to $2.36 in the same time frame.
IONS surpassed earnings in three of the trailing four quarters, missing the same in one. The average earnings surprise for Ionis is 35.68%.
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InMed (INM) Gets Grant to Begin Neurodegenerative Diseases Program
Shares of InMed Pharmaceuticals (INM - Free Report) surged 36.33% at market close after the company announced the launch of its neurodegenerative disease program (INM-900 series), to investigate the effects of cannabinoid analogs to treat diseases such as Alzheimer’s, Huntington’s and Parkinson’s.
Additionally, InMed has also been awarded an Alliance grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) to support the research and development of its cannabinoid drug candidates for the potential treatment of the aforementioned diseases.
To date, InMed has identified two promising cannabinoid analogs which have exhibited positive effects related to the treatment of neurodegenerative diseases. InMed will use in vivo models in neurodegenerative diseases to select the most appropriate candidate for clinical studies. The company intends to release early preclinical efficacy data by the second quarter of 2023.
However, shares of InMed Pharmaceuticals have declined 84.4%, compared to the industry’s decline of 31.0%.
Image Source: Zacks Investment Research
InMed is a clinical-stage pharmaceutical company focused on developing a pipeline of prescription-based products, including cannabinoids and novel cannabinoid analogs for diseases with unmet medical needs.
The company currently has two initial drug candidates, INM-755 for epidermolysis bullosa (EB) and INM-088 for glaucoma, under development.
INM-755 cannabinol cream is currently being evaluated in a phase II study for treating patients with EB.
InMed completed a pre-investigational new drug application (pIND) discussion with the FDA in the fourth quarter for the preclinical studies and early development plans for INM-088 for glaucoma. The company intends to file regulatory applications in the first half of 2021 to initiate a human trial of the candidate.
Both these drug candidates are also being explored for additional uses beyond their initial indications.
InMed Pharmaceuticals Inc. Price
InMed Pharmaceuticals Inc. price | InMed Pharmaceuticals Inc. Quote
Zacks Rank and Stocks to Consider
InMed Pharmaceuticals currently has a Zacks Rank #3 (Hold)
Some better-ranked stocks in the same sector include Assertio (ASRT - Free Report) , Esperion Therapeutics (ESPR - Free Report) , and Ionis Pharmaceuticals (IONS - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Assertio earnings per share estimates for 2022 have improved by a cent to 52 cents in the past 30 days. The same for 2023 has improved from 33 cents to 44 cents in the same time frame.
Earnings of Assertio beat estimates in three of the trailing four quarters, while beating the same in the reaming occasion. The average earnings surprise for ASRT is 54.96%.
Esperion’s loss per share estimates for 2022 have narrowed from $3.82 to $3.66 in the past 30 days. The loss per share for 2023 has narrowed from $1.89 to $1.67 in the same time frame.
Earnings of Esperion beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion. The average earnings surprise for ESPR is 7.30%.
Ionis Pharmaceuticals’ loss estimates for 2022 have narrowed down from $2.53 to $2.45 in the past 30 days. The loss estimates for 2023 have widened from $1.96 to $2.36 in the same time frame.
IONS surpassed earnings in three of the trailing four quarters, missing the same in one. The average earnings surprise for Ionis is 35.68%.