InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Vivo Opportunity, Llc Purchases 16,336 Shares

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 bought at an average cost of $1.55 per share, for a total transaction of $25,320.80. Following the transaction, the insider directly owned 605,013 shares of the company’s stock, valued at approximately $937,770.15. The trade was a 2.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, 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 purchased 32,500 shares of InMed Pharmaceuticals stock. The shares were bought 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 shares were bought 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 bought 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 bought at an average cost 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 Friday, May 29th, Vivo Opportunity, Llc acquired 17,796 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.57 per share, for a total transaction of $27,939.72.
• 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 Price Performance

Shares of INM opened at $1.51 on Thursday. The business’s fifty day moving average price is $1.01 and its 200 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 PE ratio of -0.52 and a beta of 0.98.

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

InMed Pharmaceuticals News Summary

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 Ratings Changes

Separately, Weiss Ratings reissued 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 presently has an average rating of “Sell”.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises 0.6% of Sabby Management LLC’s holdings, making the stock its 12th biggest holding. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is 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.