Insider Buying: InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Purchases $10,586.51 in Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Vivo Opportunity, Llc acquired 6,743 shares of InMed Pharmaceuticals stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $1.57 per share, with a total value of $10,586.51. Following the transaction, the insider owned 638,960 shares in the company, valued at approximately $1,003,167.20. This represents a 1.07% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible 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 shares were 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 bought 55,011 shares of InMed Pharmaceuticals stock. The stock was purchased at an average price of $1.57 per share, with a total value of $86,367.27.
• 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, 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 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 stock was purchased at an average price 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 price of $1.57 per share, with a total value 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, with a total value 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, with a total value of $87,687.60.

InMed Pharmaceuticals Price Performance

Shares of INM opened at $1.51 on Friday. InMed Pharmaceuticals Inc. has a one year low of $0.58 and a one year high of $5.50. The company has a 50-day moving average of $1.04 and a two-hundred day moving average of $1.04. The stock has a market cap of $5.00 million, a price-to-earnings ratio of -0.52 and a beta of 0.98.

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

Wall Street Analysts Forecast Growth

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, InMed Pharmaceuticals currently 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 purchased a new position in InMed Pharmaceuticals Inc. (NASDAQ:INM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,369 shares of the company’s stock, valued at approximately $45,000. Virtu Financial LLC owned approximately 0.73% of InMed Pharmaceuticals at the end of the most recent reporting period. 20.12% of the stock is currently 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.