Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $57,460.00 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc bought 34,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was purchased at an average cost of $1.69 per share, with a total value of $57,460.00. Following the completion of the acquisition, the insider directly owned 574,011 shares of the company’s stock, valued at approximately $970,078.59. The trade was a 6.30% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% 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 bought 32,500 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost 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 stock was purchased at an average cost 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 stock was 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 purchased at an average cost 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 stock was 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 stock was purchased at an average cost of $1.55 per share, with a total value of $25,320.80.
• On Friday, May 29th, Vivo Opportunity, Llc bought 17,796 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost of $1.57 per share, with a total value of $27,939.72.
• On Wednesday, May 20th, Vivo Opportunity, Llc bought 56,210 shares of InMed Pharmaceuticals stock. The stock was purchased at an average cost of $1.56 per share, with a total value of $87,687.60.

InMed Pharmaceuticals Stock Performance

Shares of InMed Pharmaceuticals stock opened at $1.51 on Friday. The company has a 50-day simple moving average of $1.04 and a two-hundred day simple moving average of $1.04. InMed Pharmaceuticals Inc. has a 52-week low of $0.58 and a 52-week high of $5.50. The stock has a market capitalization of $5.00 million, a PE ratio of -0.52 and a beta of 0.98.

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, beating the consensus estimate 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 report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, InMed Pharmaceuticals has a consensus rating of “Sell”.

Institutional Trading of InMed Pharmaceuticals

A hedge fund recently bought a new stake in InMed Pharmaceuticals stock. Virtu Financial LLC bought a new stake in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned 0.73% 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.