Psyence Biomedical (NASDAQ:PBM) Trading Down 2.5% – Here’s What Happened

Psyence Biomedical Ltd. (NASDAQ:PBM)’s stock price traded down 2.5% on Tuesday . The stock traded as low as $1.51 and last traded at $1.58. 115,404 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 1,164,693 shares. The stock had previously closed at $1.62.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Psyence Biomedical in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Psyence Biomedical Price Performance

The company has a market capitalization of $2.95 million, a PE ratio of 0.39 and a beta of 0.28. The business’s 50 day simple moving average is $2.87 and its 200 day simple moving average is $4.01.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Psyence Biomedical stock. Parallel Advisors LLC bought a new position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 275,000 shares of the company’s stock, valued at approximately $1,466,000. Parallel Advisors LLC owned about 48.25% of Psyence Biomedical as of its most recent SEC filing. Hedge funds and other institutional investors own 77.44% of the company’s stock.

Psyence Biomedical Company Profile

Psyence Biomedical Ltd. engages in the development of botanical psilocybin-based psychedelic medicines. It also evaluates natural psilocybin for the treatment of adjustment disorder in patients with an incurable cancer diagnosis in a palliative care context. The company’s lead product candidate is PEX010, which is in Phase IIb clinical study, a capsule containing naturally sourced psilocybin for treatment of anxiety and depression, including associated ailments, such as post-traumatic stress disorder, stress, grief, and adjustment disorder in the context of palliative care.