InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Vivo Opportunity, Llc Acquires 56,210 Shares

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 56,210 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average cost of $1.56 per share, with a total value of $87,687.60. Following the purchase, the insider directly owned 543,129 shares of the company’s stock, valued at approximately $847,281.24. This represents a 11.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Vivo Opportunity, Llc also recently made the following trade(s):

• On Monday, June 8th, Vivo Opportunity, Llc bought 32,500 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.52 per share, with a total value of $49,400.00.
• On Friday, June 5th, Vivo Opportunity, Llc purchased 55,011 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.57 per share, with a total value of $86,367.27.
• On Thursday, June 4th, Vivo Opportunity, Llc purchased 6,743 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.57 per share, with a total value of $10,586.51.
• On Wednesday, June 3rd, Vivo Opportunity, Llc purchased 7,783 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.55 per share, with a total value of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc purchased 22,848 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.52 per share, with a total value of $34,728.96.
• On Monday, June 1st, Vivo Opportunity, Llc purchased 16,336 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.55 per share, with a total value of $25,320.80.
• On Friday, May 29th, Vivo Opportunity, Llc purchased 17,796 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.57 per share, with a total value of $27,939.72.
• On Thursday, May 21st, Vivo Opportunity, Llc purchased 34,000 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.69 per share, with a total value of $57,460.00.

InMed Pharmaceuticals Stock Performance

Shares of NASDAQ:INM traded down $0.02 during midday trading on Wednesday, reaching $1.51. The company had a trading volume of 41,953 shares, compared to its average volume of 5,061,547. InMed Pharmaceuticals Inc. has a 1-year low of $0.58 and a 1-year high of $5.50. The firm has a market cap of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98. The company has a fifty day simple moving average of $1.01 and a two-hundred day simple moving average of $1.04.

InMed Pharmaceuticals (NASDAQ:INM) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($94.44) by $93.75. InMed Pharmaceuticals had a negative return on equity of 80.85% and a negative net margin of 132.87%.

Institutional Investors Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals makes up 0.6% of Sabby Management LLC’s investment portfolio, making the stock its 12th largest position. Sabby Management LLC owned 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is owned by hedge funds and other institutional investors.

InMed Pharmaceuticals News Summary

Here are the key news stories impacting InMed Pharmaceuticals this week:

• Positive Sentiment: Major shareholder Vivo Opportunity, LLC has been steadily increasing its position through multiple purchases in late May and early June, including a 32,500-share buy at $1.52 and several other buys around $1.55 to $1.69 per share. Repeated insider accumulation can be viewed as a vote of confidence in InMed Pharmaceuticals’ prospects.
• Neutral Sentiment: The latest filings show Vivo Opportunity, LLC now owns a much larger stake than it did earlier in the month, with the buying continuing across several trading days. While this does not guarantee near-term upside, it may help support investor sentiment if the market interprets the purchases as long-term conviction.
• Negative Sentiment: Short interest in InMed Pharmaceuticals rose sharply in May, increasing to 134,109 shares as of May 29 from 26,599 shares two weeks earlier. A rising short position usually indicates that some traders expect more downside or remain unconvinced by the company’s fundamentals.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

InMed Pharmaceuticals Company Profile

InMed Pharmaceuticals is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, that is dedicated to the discovery and development of novel therapeutics derived from cannabinoids. Leveraging a proprietary drug discovery engine, the company works to identify, design and optimize cannabinoid-based molecules with the goal of addressing diseases that have significant unmet medical needs. InMed’s integrated business model combines research, development and manufacturing capabilities under one roof to streamline the progression of promising assets from preclinical studies into human trials.

The company’s pipeline features multiple lead programs targeting both neurological and dermatological disorders.