InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Buys $34,728.96 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc acquired 22,848 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was 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 directly owned 625,766 shares in the company, valued at $951,164.32. This trade represents a 3.79% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% 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 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 bought 7,783 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.55 per share, for a total transaction of $12,063.65.
• On Monday, June 1st, Vivo Opportunity, Llc bought 16,336 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.55 per share, for a total transaction 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 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 stock was 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 bought 56,210 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price 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 has a market capitalization of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98. The stock’s 50 day moving average price is $1.04 and its two-hundred day moving average price is $1.04. InMed Pharmaceuticals Inc. has a 52 week low of $0.58 and a 52 week high of $5.50.

InMed Pharmaceuticals (NASDAQ:INM) last released its earnings results on Wednesday, May 6th. The company reported ($0.69) EPS for the quarter, beating 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%.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Virtu Financial LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals as of its most recent SEC filing. 20.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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