Key Points
- Major shareholder Vivo Opportunity, LLC bought 17,796 shares of InMed Pharmaceuticals at $1.57 each, increasing its holdings by 3.11% to 590,175 shares. The filing highlights continued insider accumulation in the stock.
- Vivo Opportunity has been actively buying across multiple days in late May and early June, including several larger purchases at prices between $1.52 and $1.69 per share. This repeated buying may be seen as a sign of confidence in the company’s outlook.
- Despite the insider buying, InMed Pharmaceuticals remains under pressure: the stock was down 1.3% to $1.51, short interest jumped sharply in May, and Wall Street sentiment is still Sell. The company also reported a loss last quarter, though it beat a very low earnings estimate.
InMed Pharmaceuticals Inc. (NASDAQ:INM - Get Free Report) major shareholder Vivo Opportunity, Llc acquired 6,743 shares of the company's stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $1.57 per share, for a total transaction of $10,586.51. Following the completion of the purchase, the insider owned 638,960 shares of the company's stock, valued at $1,003,167.20. This trade represents a 1.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large 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 acquired 32,500 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price of $1.52 per share, for a total transaction 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, for a total transaction of $86,367.27.
- 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, for a total transaction of $12,063.65.
- On Tuesday, June 2nd, Vivo Opportunity, Llc acquired 22,848 shares of InMed Pharmaceuticals stock. The stock was acquired at an average price 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 stock was acquired at an average price 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 stock was acquired 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 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 purchased 56,210 shares of InMed Pharmaceuticals stock. The shares were purchased at an average price of $1.56 per share, for a total transaction of $87,687.60.
InMed Pharmaceuticals Stock Down 1.3%
Shares of InMed Pharmaceuticals stock opened at $1.51 on Thursday. The company's 50-day simple moving average is $1.01 and its 200-day simple moving average is $1.04. InMed Pharmaceuticals Inc. has a 52-week low of $0.58 and a 52-week high of $5.50. 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 (NASDAQ:INM - Get Free Report) last announced 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%.
Key Stories Impacting InMed Pharmaceuticals
Here are the key news stories impacting InMed Pharmaceuticals this week:
- Positive Sentiment: Major shareholder Vivo Opportunity, LLC continued accumulating shares in multiple transactions, including a recent 17,796-share buy and several larger purchases earlier in June. This steady insider buying may signal confidence in InMed Pharmaceuticals’ longer-term prospects. Article Title
- Neutral Sentiment: InMed Pharmaceuticals’ stock has been trading above both its 50-day and 200-day moving averages, suggesting improved technical momentum, but the company remains a small-cap biotech with negative earnings and limited fundamentals. Stock Quote
- Negative Sentiment: Short interest in InMed Pharmaceuticals jumped sharply in May, indicating that bearish traders have increased their bets against the stock. Higher short interest can reflect skepticism about the company’s near-term fundamentals. Short Interest and Insider Trades
- Negative Sentiment: Wall Street sentiment remains weak, with the stock carrying an average “Sell” rating and Weiss Ratings recently reiterating a sell call. That cautious analyst stance may limit upside enthusiasm. Weiss Ratings
Analysts Set New Price Targets
Separately, Weiss Ratings restated a "sell (e+)" rating on shares of InMed Pharmaceuticals in a research report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of "Sell".
Get Our Latest Report on InMed Pharmaceuticals
Institutional Inflows and Outflows
An institutional investor recently bought a new position in InMed Pharmaceuticals stock. Sabby Management LLC bought a new stake in InMed Pharmaceuticals Inc. (NASDAQ:INM - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 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 holding. Sabby Management LLC owned about 7.86% of InMed Pharmaceuticals at the end of the most recent reporting period. Hedge funds and other institutional investors own 20.12% of the company's stock.
InMed Pharmaceuticals Company Profile
(
Get Free Report)
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.
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