InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Vivo Opportunity, Llc Purchases 32,500 Shares

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc purchased 32,500 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were acquired at an average cost of $1.52 per share, for a total transaction of $49,400.00. Following the acquisition, the insider owned 718,444 shares of the company’s stock, valued at approximately $1,092,034.88. The trade was a 4.74% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, June 5th, Vivo Opportunity, Llc purchased 55,011 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost 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 shares were acquired at an average cost 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 shares were acquired at an average cost of $1.55 per share, for a total transaction of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc purchased 22,848 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.52 per share, for a total transaction of $34,728.96.
• On Monday, June 1st, Vivo Opportunity, Llc purchased 16,336 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.55 per share, for a total transaction of $25,320.80.
• On Friday, May 29th, Vivo Opportunity, Llc purchased 17,796 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.57 per share, for a total transaction of $27,939.72.
• On Thursday, May 21st, Vivo Opportunity, Llc purchased 34,000 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.69 per share, for a total transaction of $57,460.00.
• On Wednesday, May 20th, Vivo Opportunity, Llc purchased 56,210 shares of InMed Pharmaceuticals stock. The shares were acquired at an average cost of $1.56 per share, for a total transaction of $87,687.60.

InMed Pharmaceuticals Trading Down 1.3%

INM opened at $1.51 on Thursday. The business’s 50 day moving average is $1.01 and its 200-day moving average is $1.04. The stock has a market cap of $5.00 million, a PE ratio of -0.52 and a beta of 0.98. InMed Pharmaceuticals Inc. has a twelve month low of $0.58 and a twelve month high of $5.50.

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 Inflows and Outflows

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

Key Headlines 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.

Wall Street Analyst Weigh In

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