Psyence Biomedical (NASDAQ:PBM) Stock Price Down 6.1% – What’s Next?

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Psyence Biomedical in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Psyence Biomedical has a consensus rating of “Sell”.

Psyence Biomedical Stock Performance

The company has a 50-day moving average of $2.19 and a 200-day moving average of $3.61. The firm has a market capitalization of $1.64 million, a price-to-earnings ratio of 0.22 and a beta of 0.28.

Institutional Investors Weigh In On Psyence Biomedical

An institutional investor recently bought a new position in Psyence Biomedical stock. Virtu Financial LLC purchased a new stake in Psyence Biomedical Ltd. (NASDAQ:PBM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 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 reporting period. 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.