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

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc acquired 55,011 shares of the stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1.57 per share, for a total transaction of $86,367.27. Following the purchase, the insider directly owned 688,926 shares of the company’s stock, valued at $1,081,613.82. The trade was a 8.68% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock 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 acquired 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 Thursday, June 4th, Vivo Opportunity, Llc acquired 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 acquired 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 bought at an average cost of $1.52 per share, for a total transaction of $34,728.96.
• On Monday, June 1st, Vivo Opportunity, Llc acquired 16,336 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.55 per share, for a total transaction 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 acquired 34,000 shares of InMed Pharmaceuticals stock. The shares were bought 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 shares were bought at an average cost of $1.56 per share, for a total transaction of $87,687.60.

InMed Pharmaceuticals Stock Performance

NASDAQ INM opened at $1.51 on Friday. The stock’s fifty day moving average is $1.04 and its two-hundred day moving average is $1.04. The firm has a market capitalization of $5.00 million, a P/E ratio of -0.52 and a beta of 0.98. InMed Pharmaceuticals Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $5.50.

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

Hedge Funds Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC purchased a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 219,998 shares of the company’s stock, valued at approximately $482,000. InMed Pharmaceuticals comprises approximately 0.6% of Sabby Management LLC’s investment portfolio, making the stock its 12th largest position. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals as of its most recent filing with the SEC. Institutional investors own 20.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed 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, Based on data from MarketBeat, the stock presently has a consensus 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.