Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases 22,848 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc purchased 22,848 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were acquired at an average price of $1.52 per share, with a total value of $34,728.96. Following the completion of the transaction, the insider owned 625,766 shares of the company’s stock, valued at approximately $951,164.32. This trade represents a 3.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more 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 Friday, June 5th, Vivo Opportunity, Llc bought 55,011 shares of InMed Pharmaceuticals stock. The shares were 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 purchased 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 stock was 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 bought 16,336 shares of InMed Pharmaceuticals stock. The stock was bought 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 price 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 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 purchased 56,210 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.56 per share, for a total transaction of $87,687.60.

InMed Pharmaceuticals Stock Down 1.3%

NASDAQ INM traded down $0.02 on Wednesday, reaching $1.51. The company had a trading volume of 41,953 shares, compared to its average volume of 5,061,547. The stock has a market capitalization of $5.00 million, a PE ratio of -0.52 and a beta of 0.98. The firm’s 50 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.

InMed Pharmaceuticals (NASDAQ:INM) last posted its 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%.

Key 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.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.