Psyence Biomedical Ltd. (NASDAQ:PBM) Sees Significant Decrease in Short Interest

Psyence Biomedical Ltd. (NASDAQ:PBM) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 38,300 shares, a decline of 59.9% from the August 31st total of 95,500 shares. Based on an average daily trading volume, of 2,010,000 shares, the short-interest ratio is currently 0.0 days. Currently, 5.4% of the company’s shares are sold short. Currently, 5.4% of the company’s shares are sold short. Based on an average daily trading volume, of 2,010,000 shares, the short-interest ratio is currently 0.0 days.

Analysts Set New Price Targets

PBM has been the subject of a number of research analyst reports. Wall Street Zen raised Psyence Biomedical to a “hold” rating in a research note on Saturday, June 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Psyence Biomedical in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Psyence Biomedical Stock Performance

NASDAQ PBM opened at $3.22 on Friday. Psyence Biomedical has a 52 week low of $2.36 and a 52 week high of $82.80. The stock’s 50 day moving average price is $3.68 and its two-hundred day moving average price is $4.40.

Hedge Funds Weigh In On Psyence Biomedical

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) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 275,000 shares of the company’s stock, valued at approximately $1,466,000. Parallel Advisors LLC owned approximately 48.25% of Psyence Biomedical as of its most recent filing with the Securities & Exchange Commission. 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.