Psyence Biomedical (NASDAQ:PBM) Shares Down 5.7% – Here’s Why

Psyence Biomedical Ltd. (NASDAQ:PBM)’s share price was down 5.7% during trading on Friday . The stock traded as low as $3.05 and last traded at $3.17. 70,403 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 95,710 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Psyence Biomedical to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Psyence Biomedical in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Psyence Biomedical Stock Performance

The business has a fifty day simple moving average of $3.28 and a 200 day simple moving average of $3.69. The stock has a market cap of $7.27 million, a price-to-earnings ratio of 0.13 and a beta of 1.67.

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

Institutional Inflows and Outflows

An institutional investor 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 its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,042 shares of the company’s stock after purchasing an additional 26,717 shares during the period. Virtu Financial LLC owned 3.63% of Psyence Biomedical worth $28,000 at the end of the most recent quarter. 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.