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Happy hump day! |
After a record surge over the last month, the markets have finally stalled out, at least for a while. |
It is going to take a little time to digest all of those huge gains, and regain conviction on the next direction. |
I think we will see a dip soon, but it won't last long. It will be enough to get the bears fired up and start loading up on shorts again, but then will crush their hopes and dreams into the end of the year. |
In the meantime, I think this is an excellent time to be a "stock picker." |
There are very likely going to be some unique opportunities that can present some outsized gains. |
Just like the call I made on Monday (before the market opened) on AFRM. |
While I think that is a terrible company, I had conviction that it would present an excellent opportunity for at least a short-term rally. |
It turns out that being a "stock picker" was right on that idea. |
The options I alerted all of my Bullseye members to have gained over 600% from the price you could have bought them for just yesterday morning! |
Don't let anyone tell you that gains like that aren't possible! |
Or, how about last week when I told you to pay close attention to a stock idea I shared with you? |
That stock shot up well over 40% within hours after I alerted you to it. |
I am not saying any of these companies are worth holding on to for very long, but in the short-term, you can uncover some mind blowing trades if you know where to look. |
Today, I think we have a similar opportunity on our hands. |
I think it is crucial that you pull up this stock right away… |
InMed Pharmaceuticals Inc. (Nasdaq: INM) |
As you look at the stock chart over the last couple of months, you will notice that near the end of October, INM surged over 200% in a single trading day. |
Investors who were patiently waiting for that day were rewarded handsomely. |
I wanted to start with that because it shows that this stock can really move when it wants to. It is pretty obvious the range that is possible. |
Since then, the stock has been quietly consolidating at lower prices as all of the "hot money" has likely been leaving the stock. |
As you can see in the chart below, INM had a short "blip" of activity that caused the stock to jump over 30% higher just a few days ago. |
The stock calmed down in the days that followed, but we could be right on the cusp of something very big happening again. |
 | The recent dip is just too juicy to ignore… |
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From a technical trading perspective, INM has been building a textbook base around the $.37 level for the last month. |
That floor should be respected. If it holds up, then we could build towards a nice move higher. |
If that floor fails, then I think it would be time to remove this from your watchlist and then revisit it at a later date. |
Assuming the stock attempts a rally from this level, Yahoo! Finance has some very bullish signals right now. |
INM is flashing green in the "short term" technical outlook with bullish signals flashing on the MACD and Know Sure Thing (KST) momentum indicators. |
Yahoo also has identified a short-term "Hammer" forming, which can be a powerful reversal indicator. |
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I think the short-term risk/reward is very interesting right now. |
As I mentioned, I would give this stock only a little room on the downside before I moved on, but judging by the last two moves the stock has made in the last few weeks, I think there is considerable room to the upside if this pans out. |
Ok, so the technicals look great right now, but what about INM fundamentally as a company? |
I am glad you asked! |
INM is a leader in the pharmaceutical research, development, manufacturing, and commercialization of rare cannabinoids and cannabinoid analogs. |
The company is already generating revenue through its commercial subsidiary, BayMedica, whose trailing 12-month sales trend shows steady growth. According to its corporate presentation, BayMedica had more than $2.3M sales in Q4 of fiscal 2023, a 123% jump from the prior quarter, although Q1 of fiscal 2024 saw a dip in overall revenue, it still had a 181% increase quarter over quarter from the previous year. |
On the research front, the company recently completed a Phase 2 clinical study of an investigational drug for epidermolysis bullosa, a rare genetic skin disease, and the full results will be published soon in the official journal of the International Forum for the Study of Itch. |
Just last month, INM announced that it had selected a lead Alzheimer's disease drug candidate named INM-901. |
INM reported that when compared to the placebo-treated Alzheimer's disease group in these preclinical studies, INM-901 treatment groups demonstrated a trend towards improvement in: |
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Planning is underway for the next stage of advanced preclinical studies and will include drug metabolism and pharmacokinetics as well as the start of pharmaceutical drug development activities such as manufacturing and formulation. |
On the financial front, INM announced that they were able to raise a considerable amount of money ($5.2 million) recently. |
INM intends to use the net proceeds from the offerings to continue pipeline development of its pharmaceutical drug candidates, support commercial sales of rare cannabinoids through its subsidiary BayMedica, and for general working capital purposes. |
It isn't easy being an early-stage pharma company. While the rewards of developing successful drugs can be extremely lucrative, it is a very expensive process. |
Investors should be relieved to read that INM reported that the "recent financing further strengthens our balance sheet and provides additional financial stability in a particularly challenging capital markets environment. These additional funds extend our cash runway into calendar 3Q 2024." |
It is not always guaranteed that a small company will be able to raise the funds they need to sustain its operations. |
It is great to hear that INM has secured what they anticipate is needed well into next year. |
With the finances in order, a leading Alzheimer's disease drug candidate, and a host of bullish technical indicators — you can see why I think it is so important to pull INM up right away. |
At the price this stock is trading at right now, it would be foolish not to at least give it a look. |
Just a small movement in the price could lead to a huge percentage move from this level. |
As always, it is very important for you to do your own due diligence on any investment you are thinking of making. I suggest that you thoroughly research this stock, and there is no better place to start than with the company's website. |
For such a small company, I see so much potential here. Make sure you check this out and get it on your radar immediately! |
To Your Success, |
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