Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $27,939.72 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc acquired 17,796 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $1.57 per share, with a total value of $27,939.72. Following the completion of the acquisition, the insider directly owned 590,175 shares of the company’s stock, valued at $926,574.75. This represents a 3.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own 10% or more 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 acquired 32,500 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.52 per share, with a total value of $49,400.00.
• On Friday, June 5th, Vivo Opportunity, Llc acquired 55,011 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.57 per share, with a total value of $86,367.27.
• On Thursday, June 4th, Vivo Opportunity, Llc acquired 6,743 shares of InMed Pharmaceuticals stock. The stock was acquired 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 acquired at an average price of $1.55 per share, with a total value of $12,063.65.
• On Tuesday, June 2nd, Vivo Opportunity, Llc bought 22,848 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost 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 purchased at an average cost of $1.55 per share, with a total value of $25,320.80.
• On Thursday, May 21st, Vivo Opportunity, Llc bought 34,000 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.69 per share, with a total value of $57,460.00.
• On Wednesday, May 20th, Vivo Opportunity, Llc bought 56,210 shares of InMed Pharmaceuticals stock. The shares were purchased at an average cost of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Price Performance

InMed Pharmaceuticals stock opened at $1.51 on Friday. The firm has a market cap of $5.00 million, a price-to-earnings 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. The firm has a fifty day moving average price of $1.04 and a two-hundred day moving average price of $1.04.

InMed Pharmaceuticals (NASDAQ:INM) last released 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%.

Analysts Set New Price Targets

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 MarketBeat.com, the company currently has an average 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 stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 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 largest position. Sabby Management LLC owned approximately 7.86% of InMed Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission. 20.12% of the stock is owned by hedge funds and other institutional investors.

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.