Vivo Opportunity, Llc Acquires 22,848 Shares of InMed Pharmaceuticals (NASDAQ:INM) Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 22,848 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was acquired at an average cost of $1.52 per share, for a total transaction of $34,728.96. Following the completion of the transaction, the insider owned 625,766 shares in the company, valued at $951,164.32. This represents a 3.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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 purchased 32,500 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost 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 cost 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 cost of $1.57 per share, with a total value of $10,586.51.
• On Wednesday, June 3rd, Vivo Opportunity, Llc bought 7,783 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.55 per share, with a total value of $12,063.65.
• On Monday, June 1st, Vivo Opportunity, Llc acquired 16,336 shares of InMed Pharmaceuticals stock. The stock was 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 acquired 17,796 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.57 per share, for a total transaction of $27,939.72.
• On Thursday, May 21st, Vivo Opportunity, Llc bought 34,000 shares of InMed Pharmaceuticals stock. The stock was 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 acquired 56,210 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Stock Down 1.3%

INM traded down $0.02 during trading on Wednesday, hitting $1.51. The company’s stock had a trading volume of 41,953 shares, compared to its average volume of 5,061,547. The firm’s 50 day moving average price is $1.01 and its two-hundred day moving average price is $1.04. InMed Pharmaceuticals Inc. has a 12 month low of $0.58 and a 12 month high of $5.50. The stock has a market capitalization of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98.

InMed Pharmaceuticals (NASDAQ:INM) last released its earnings results on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, beating the consensus estimate 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%.

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.

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 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.

Analysts Set New Price Targets

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