Psyence Biomedical Ltd. (NASDAQ:PBM – Get Free Report) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 26,839 shares, a decrease of 44.3% from the September 15th total of 48,219 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 109,582 shares, the short-interest ratio is currently 0.2 days.
Psyence Biomedical Stock Down 2.3%
Shares of PBM stock traded down $0.10 during trading hours on Friday, reaching $4.22. The company’s stock had a trading volume of 26,499 shares, compared to its average volume of 916,870. The firm’s 50 day simple moving average is $4.82 and its 200-day simple moving average is $4.27. The company has a market capitalization of $9.66 million, a price-to-earnings ratio of 0.17 and a beta of 1.68. Psyence Biomedical has a fifty-two week low of $1.92 and a fifty-two week high of $22.25.
Wall Street Analysts Forecast Growth
PBM has been the topic of several recent analyst reports. Wall Street Zen raised shares of Psyence Biomedical to a “hold” rating in a report on Saturday, October 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Psyence Biomedical in a report on Thursday. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat, Psyence Biomedical currently has a consensus rating of “Sell”.
View Our Latest Analysis on PBM
About Psyence Biomedical
Psyence Biomedical, Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for unmet mental health needs. The company’s research centers on psilocybin, a naturally occurring psychedelic compound, and its potential use in combination with psychological support.
Psyence Biomedical’s lead development program is aimed at treating adjustment disorder in patients receiving palliative care. The company is investigating a psilocybin-based drug product designed to address emotional and psychological distress associated with serious illness, while seeking to establish a standardized treatment approach suitable for clinical and medical settings.
The company was formed through a business combination involving Newcourt Acquisition Corp.
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