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

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 7,783 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were bought at an average price of $1.55 per share, with a total value of $12,063.65. Following the completion of the transaction, the insider owned 632,835 shares in the company, valued at approximately $980,894.25. This trade represents a 1.25% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 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 bought 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 bought at an average price of $1.57 per share, with a total value of $10,586.51.
• On Tuesday, June 2nd, Vivo Opportunity, Llc bought 22,848 shares of InMed Pharmaceuticals stock. The shares were 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 bought 16,336 shares of InMed Pharmaceuticals stock. The shares were 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 shares were acquired 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 shares were acquired 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 shares were acquired at an average price of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Price Performance

Shares of INM stock traded down $0.02 on Wednesday, hitting $1.51. 41,953 shares of the company’s stock were exchanged, compared to its average volume of 5,061,547. InMed Pharmaceuticals Inc. has a 12 month low of $0.58 and a 12 month high of $5.50. The stock has a market cap of $5.00 million, a P/E ratio of -0.52 and a beta of 0.98. The company has a 50 day moving average of $1.01 and a 200 day moving average of $1.04.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC purchased a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned about 0.73% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 20.12% of the company’s stock.

Key Headlines 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.

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.