InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $27,939.72 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc purchased 17,796 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $1.57 per share, for a total transaction of $27,939.72. Following the acquisition, the insider directly owned 590,175 shares of the company’s stock, valued at $926,574.75. This trade represents a 3.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s stock 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 purchased 32,500 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.52 per share, for a total transaction of $49,400.00.
• On Friday, June 5th, Vivo Opportunity, Llc purchased 55,011 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.57 per share, for a total transaction of $86,367.27.
• On Thursday, June 4th, Vivo Opportunity, Llc purchased 6,743 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.57 per share, for a total transaction of $10,586.51.
• On Wednesday, June 3rd, Vivo Opportunity, Llc purchased 7,783 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.55 per share, for a total transaction of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc acquired 22,848 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.52 per share, for a total transaction of $34,728.96.
• On Monday, June 1st, Vivo Opportunity, Llc acquired 16,336 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.55 per share, for a total transaction of $25,320.80.
• On Thursday, May 21st, Vivo Opportunity, Llc acquired 34,000 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.69 per share, for a total transaction of $57,460.00.
• On Wednesday, May 20th, Vivo Opportunity, Llc acquired 56,210 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.56 per share, for a total transaction of $87,687.60.

InMed Pharmaceuticals Stock Down 1.3%

Shares of INM traded down $0.02 during mid-day trading on Wednesday, reaching $1.51. 41,953 shares of the stock traded hands, compared to its average volume of 5,061,547. 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 stock has a fifty day simple moving average of $1.01 and a 200 day simple moving average of $1.04. InMed Pharmaceuticals Inc. has a 12-month low of $0.58 and a 12-month 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 (EPS) for the quarter, beating analysts’ consensus estimates 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%.

Key Stories Impacting InMed Pharmaceuticals

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 reiterated a “sell (e+)” rating on shares of InMed Pharmaceuticals in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Trading of InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is currently owned by institutional investors.

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.