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

Psyence Biomedical Ltd. (NASDAQ:PBM) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 50,560 shares, a decrease of 31.5% from the March 15th total of 73,767 shares. Approximately 5.1% of the company’s stock are sold short. Based on an average daily volume of 15,007 shares, the short-interest ratio is currently 3.4 days.

Psyence Biomedical Trading Up 4.5%

Shares of PBM opened at $2.79 on Tuesday. The firm has a market cap of $2.85 million, a PE ratio of 0.11 and a beta of 0.31. The company’s 50 day simple moving average is $2.63 and its 200-day simple moving average is $9.01. Psyence Biomedical has a 12-month low of $1.92 and a 12-month high of $74.94.

Hedge Funds Weigh In On Psyence Biomedical

An institutional investor recently raised its position in Psyence Biomedical stock. Virtu Financial LLC lifted its holdings in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 258.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,042 shares of the company’s stock after acquiring 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 reporting period. 77.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Psyence Biomedical in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

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.