InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Vivo Opportunity, Llc Purchases 7,783 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 7,783 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were purchased at an average price of $1.55 per share, with a total value of $12,063.65. Following the acquisition, the insider directly owned 632,835 shares in the company, valued at approximately $980,894.25. This trade represents a 1.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 Monday, June 8th, Vivo Opportunity, Llc bought 32,500 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.52 per share, with a total value of $49,400.00.
• On Friday, June 5th, Vivo Opportunity, Llc bought 55,011 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.57 per share, with a total value of $86,367.27.
• On Thursday, June 4th, Vivo Opportunity, Llc bought 6,743 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.57 per share, with a total value of $10,586.51.
• 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, with a total value 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, with a total value 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, with a total value 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, with a total value 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, with a total value of $87,687.60.

InMed Pharmaceuticals Trading Down 1.3%

Shares of InMed Pharmaceuticals stock opened at $1.51 on Thursday. The company has a fifty day moving average price of $1.01 and a 200 day moving average price of $1.04. InMed Pharmaceuticals Inc. has a twelve month low of $0.58 and a twelve month high of $5.50. The stock has a market cap of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.69) earnings per share for the quarter, topping 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%.

InMed Pharmaceuticals News Roundup

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

• Positive Sentiment: Major shareholder Vivo Opportunity, LLC continued accumulating shares in multiple transactions, including a recent 17,796-share buy and several larger purchases earlier in June. This steady insider buying may signal confidence in InMed Pharmaceuticals’ longer-term prospects. Article Title
• Neutral Sentiment: InMed Pharmaceuticals’ stock has been trading above both its 50-day and 200-day moving averages, suggesting improved technical momentum, but the company remains a small-cap biotech with negative earnings and limited fundamentals. Stock Quote
• Negative Sentiment: Short interest in InMed Pharmaceuticals jumped sharply in May, indicating that bearish traders have increased their bets against the stock. Higher short interest can reflect skepticism about the company’s near-term fundamentals. Short Interest and Insider Trades
• Negative Sentiment: Wall Street sentiment remains weak, with the stock carrying an average “Sell” rating and Weiss Ratings recently reiterating a sell call. That cautious analyst stance may limit upside enthusiasm. Weiss Ratings

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises approximately 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest position. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is owned by hedge funds and other institutional investors.

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.