InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $25,320.80 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc purchased 16,336 shares of InMed Pharmaceuticals stock in a transaction dated Monday, June 1st. The shares were purchased at an average cost of $1.55 per share, with a total value of $25,320.80. Following the acquisition, the insider owned 605,013 shares of the company’s stock, valued at approximately $937,770.15. This trade represents a 2.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, June 8th, Vivo Opportunity, Llc acquired 32,500 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.52 per share, with a total value of $49,400.00.
• On Friday, June 5th, Vivo Opportunity, Llc acquired 55,011 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.57 per share, with a total value of $86,367.27.
• On Thursday, June 4th, Vivo Opportunity, Llc acquired 6,743 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.57 per share, with a total value of $10,586.51.
• On Wednesday, June 3rd, Vivo Opportunity, Llc acquired 7,783 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.55 per share, with a total value of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc acquired 22,848 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.52 per share, with a total value of $34,728.96.
• On Friday, May 29th, Vivo Opportunity, Llc acquired 17,796 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.57 per share, with a total value of $27,939.72.
• On Thursday, May 21st, Vivo Opportunity, Llc acquired 34,000 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.69 per share, with a total value of $57,460.00.
• On Wednesday, May 20th, Vivo Opportunity, Llc acquired 56,210 shares of InMed Pharmaceuticals stock. The stock was bought at an average cost of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Trading Down 1.3%

INM stock traded down $0.02 during trading on Wednesday, hitting $1.51. The company had a trading volume of 41,953 shares, compared to its average volume of 5,061,547. The firm has a market capitalization of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98. The business has a 50 day moving average of $1.01 and a 200 day moving average of $1.04. InMed Pharmaceuticals Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $5.50.

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

More InMed Pharmaceuticals News

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.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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 MarketBeat.com, the company has an average rating of “Sell”.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for approximately 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest holding. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds own 20.12% of the company’s stock.

About InMed Pharmaceuticals

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.