Psyence Biomedical (NASDAQ:PBM) Shares Up 1% – Time to Buy?

Psyence Biomedical Ltd. (NASDAQ:PBM) shot up 1% during mid-day trading on Thursday . The company 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 session volume of 40,613 shares. The stock had previously closed at $2.90.

Wall Street Analyst Weigh In

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

Psyence Biomedical Stock Performance

The firm has a 50 day simple moving average of $3.91 and a two-hundred day simple moving average of $3.91. The firm has a market capitalization of $6.80 million, a P/E ratio of 0.12 and a beta of 1.67.

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

Institutional Investors Weigh In On Psyence Biomedical

A hedge fund recently raised its position in Psyence Biomedical stock. Virtu Financial LLC grew its position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 258.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,042 shares of the company’s stock after buying an additional 26,717 shares during the quarter. Virtu Financial LLC owned 3.63% of Psyence Biomedical worth $28,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 77.44% of the company’s stock.

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.