Psyence Biomedical Ltd. (NASDAQ:PBM – Get Free Report) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totaling 26,839 shares, a decline of 44.3% from the September 15th total of 48,219 shares. Based on an average daily trading volume, of 109,582 shares, the short-interest ratio is presently 0.2 days. Approximately 1.2% of the shares of the company are short sold.
Psyence Biomedical Stock Performance
NASDAQ PBM traded down $0.10 during trading on Friday, reaching $4.22. 26,499 shares of the company traded hands, compared to its average volume of 79,214. The stock’s 50 day moving average price is $4.82 and its two-hundred day moving average price is $4.27. The company has a market cap of $9.66 million, a price-to-earnings ratio of 0.17 and a beta of 1.68. Psyence Biomedical has a 1-year low of $1.92 and a 1-year high of $22.25.
Wall Street Analyst Weigh In
Several brokerages have issued reports on PBM. Weiss Ratings reissued a “sell (e+)” rating on shares of Psyence Biomedical in a report on Thursday. Wall Street Zen raised shares of Psyence Biomedical to a “hold” rating in a report on Saturday, October 3rd. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company currently has an average rating of “Sell”.
View Our Latest Stock Report on Psyence Biomedical
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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