InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $86,367.27 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 55,011 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $1.57 per share, with a total value of $86,367.27. Following the transaction, the insider owned 688,926 shares of the company’s stock, valued at $1,081,613.82. The trade was a 8.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, 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 acquired 32,500 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.52 per share, with a total value of $49,400.00.
• On Thursday, June 4th, Vivo Opportunity, Llc acquired 6,743 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.57 per share, with a total value of $10,586.51.
• On Wednesday, June 3rd, Vivo Opportunity, Llc acquired 7,783 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.55 per share, with a total value of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc acquired 22,848 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.52 per share, with a total value of $34,728.96.
• On Monday, June 1st, Vivo Opportunity, Llc acquired 16,336 shares of InMed Pharmaceuticals stock. The stock was bought at an average price 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 stock was bought at an average price of $1.57 per share, with a total value of $27,939.72.
• On Thursday, May 21st, Vivo Opportunity, Llc acquired 34,000 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.69 per share, with a total value of $57,460.00.
• On Wednesday, May 20th, Vivo Opportunity, Llc acquired 56,210 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Stock Performance

NASDAQ:INM traded down $0.02 on Wednesday, reaching $1.51. The company’s stock had a trading volume of 41,953 shares, compared to its average volume of 5,061,547. InMed Pharmaceuticals Inc. has a 1-year low of $0.58 and a 1-year high of $5.50. The firm has a market cap of $5.00 million, a PE ratio of -0.52 and a beta of 0.98. The business’s 50-day moving average price is $1.01 and its two-hundred day moving average price is $1.04.

InMed Pharmaceuticals (NASDAQ:INM) last posted its earnings results 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 return on equity of 80.85% and a negative net margin of 132.87%.

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 Upgrades and Downgrades

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Sabby Management LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals accounts for about 0.6% of Sabby Management LLC’s holdings, making the stock its 12th largest holding. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals at the end of the most recent quarter. Hedge funds and other institutional investors own 20.12% of the company’s stock.

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.