Wall Street Zen Upgrades Psyence Biomedical (NASDAQ:PBM) to Hold

Wall Street Zen upgraded shares of Psyence Biomedical (NASDAQ:PBMFree Report) to a hold rating in a research note published on Saturday morning.

Psyence Biomedical Stock Down 2.2%

NASDAQ PBM opened at $4.54 on Friday. The firm’s 50-day moving average is $4.30 and its two-hundred day moving average is $9.49. Psyence Biomedical has a 12 month low of $2.92 and a 12 month high of $699.19.

Hedge Funds Weigh In On Psyence Biomedical

Hedge funds have recently made changes to their positions in the stock. Harraden Circle Investments LLC purchased a new stake in Psyence Biomedical in the fourth quarter valued at approximately $385,000. Essential Planning LLC. acquired a new stake in shares of Psyence Biomedical in the fourth quarter valued at $163,000. Finally, Virtu Financial LLC purchased a new stake in shares of Psyence Biomedical in the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 77.44% of the company’s stock.

Psyence Biomedical Company Profile

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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.

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