Psyence Biomedical (NASDAQ:PBM) Shares Up 1% – Here’s Why

Psyence Biomedical Ltd. (NASDAQ:PBM) was up 1% during trading on Thursday . The stock traded as high as $3.08 and last traded at $2.93. Approximately 21,564 shares traded hands during trading, a decline of 47% from the average daily volume of 40,613 shares. The stock had previously closed at $2.90.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PBM. Weiss Ratings reiterated a “sell (e+)” rating on shares of Psyence Biomedical in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Psyence Biomedical to a “hold” rating in a research note on Saturday, June 6th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Psyence Biomedical has a consensus rating of “Sell”.

Psyence Biomedical Stock Up 1.0%

The business has a 50 day moving average price of $3.95 and a 200 day moving average price of $3.93. The stock has a market cap of $6.71 million, a P/E ratio of 0.12 and a beta of 1.67.

Psyence Biomedical (NASDAQ:PBM) last issued its quarterly earnings results on Monday, June 22nd. The company reported ($0.40) earnings per share (EPS) for the quarter.

Institutional Trading of Psyence Biomedical

An institutional investor recently bought a new position in Psyence Biomedical stock. Virtu Financial LLC bought a new stake in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,325 shares of the company’s stock, valued at approximately $33,000. Virtu Financial LLC owned 0.55% of Psyence Biomedical at the end of the most recent quarter. 77.44% of the stock is 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.