Psyence Biomedical (NASDAQ:PBM) Trading Down 6.1% – Should You Sell?

Psyence Biomedical Ltd. (NASDAQ:PBM)’s share price fell 6.1% during mid-day trading on Wednesday . The stock traded as low as $0.8506 and last traded at $0.8730. 270,460 shares were traded during trading, a decline of 90% from the average session volume of 2,807,079 shares. The stock had previously closed at $0.93.

Analyst Upgrades and Downgrades

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

Psyence Biomedical Stock Down 6.1%

The firm has a market cap of $1.63 million, a P/E ratio of 0.22 and a beta of 0.28. The business’s 50 day moving average is $2.24 and its 200-day moving average is $3.63.

Institutional Investors Weigh In On Psyence Biomedical

A hedge fund recently bought a new stake in Psyence Biomedical stock. Parallel Advisors LLC purchased a new position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 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 filing with the Securities and Exchange Commission (SEC). 77.44% of the stock is currently owned by institutional investors.

About Psyence Biomedical

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.