— Why it moved
Why INM Stock Round-Tripped a 260% Spike Today — July 22, 2026
A $200M raise by its merger partner sent InMed to $5.53 before 7am — the alert landed 45 minutes late and got exactly one minute of upside.
What moved INM stock
InMed Pharmaceuticals is a cannabinoid-pharma company that is in the process of becoming something else entirely: it's merging with Mentari Therapeutics, a private migraine-drug developer. On July 22 Mentari disclosed an additional $200 million private placement, on top of a previously announced $290 million, both closing immediately before the merger completes. That's real money — but it's money going into the combined entity on terms already set, not a windfall for existing INM holders.
The mechanics
767,000 shares of float and a 30-day average volume under 41,000. Fifty-two million shares traded on the day, which is more than a thousand times normal. Short interest was 18% of float. So the ingredients were there for exactly what happened at 7:00 AM: the stock went from $1.54 to $5.53 in five minutes on a headline, then had nobody left to buy it.
INM by the numbers
The alert window
There wasn't one. Stock Pulse alerted at 7:45 AM at $3.15 — 45 minutes after the top, on a bounce that was already the fourth lower high of the morning. The best print after the alert was $3.31 at 7:46, one minute later, +5.1%. Then it was down for the rest of the day. If you took this alert as an entry you had sixty seconds to be right and no realistic way to know it. That is a failed signal, and we'd rather say so than round it up.
How INM's move ended
It opened at $2.15, faded through the whole session, and closed at $1.66 — down 47% from the alert price and up a token 8% on the day. The company still has no approved product, the merger doesn't close until the second half of 2026, and the share count is about to change materially when it does. The $490 million headline is attached to the entity that INM is being absorbed into, not to the ticker as it trades today.
The tell: a five-minute premarket vertical on a sub-million float has usually finished distributing before the first hour is out — a bounce 45 minutes later is supply, not continuation.