Psyence Biomedical (NASDAQ:PBM) Trading Down 2.5% – Should You Sell?

Shares of Psyence Biomedical Ltd. (NASDAQ:PBM) dropped 2.5% during mid-day trading on Tuesday . The stock traded as low as $1.51 and last traded at $1.58. Approximately 115,404 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,164,693 shares. The stock had previously closed at $1.62.

Wall Street Analysts Forecast Growth

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

Psyence Biomedical Price Performance

The company has a market capitalization of $2.95 million, a price-to-earnings ratio of 0.39 and a beta of 0.28. The firm has a fifty day simple moving average of $2.87 and a 200 day simple moving average of $4.01.

Hedge Funds Weigh In On Psyence Biomedical

An institutional investor recently bought a new position in Psyence Biomedical stock. Virtu Financial LLC purchased a new position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,325 shares of the company’s stock, valued at approximately $33,000. Virtu Financial LLC owned approximately 0.55% of Psyence Biomedical as of its most recent filing with the Securities & Exchange Commission. 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.