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

Psyence Biomedical Ltd. (NASDAQ:PBM) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 48,219 shares, a growth of 245.6% from the August 31st total of 13,951 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 66,626 shares, the days-to-cover ratio is presently 0.7 days.

Analysts Set New Price Targets

PBM has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Psyence Biomedical to a “hold” rating in a research report on Saturday, June 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Psyence Biomedical in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Psyence Biomedical Stock Down 5.1%

Shares of NASDAQ PBM traded down $0.30 during midday trading on Friday, reaching $5.56. The company had a trading volume of 105,177 shares, compared to its average volume of 86,719. Psyence Biomedical has a one year low of $1.92 and a one year high of $28.13. The firm’s fifty day moving average price is $4.28 and its 200-day moving average price is $4.01. The stock has a market cap of $12.73 million, a PE ratio of 0.22 and a beta of 1.72.

About Psyence Biomedical

Psyence Biomedical Ltd. (NASDAQ: PBM) is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company’s research centers on naturally derived psilocybin and its potential use in medically supervised treatment programs.

Its lead development program is designed to evaluate psilocybin-assisted therapy for adjustment disorder in patients with cancer. Psyence Biomedical’s activities include drug development, clinical research and work with external partners to advance psychedelic medicines toward potential regulatory approval and commercialization.

The company became publicly traded on Nasdaq in February 2024 following a business combination with Newcourt Acquisition Corp.