Short Interest in Psyence Biomedical Ltd. (NASDAQ:PBM) Decreases By 48.1%

Psyence Biomedical Ltd. (NASDAQ:PBM) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 73,767 shares, a drop of 48.1% from the February 26th total of 142,080 shares. Based on an average daily volume of 21,691 shares, the days-to-cover ratio is currently 3.4 days. Approximately 7.5% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Psyence Biomedical in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Psyence Biomedical Price Performance

Shares of PBM opened at $2.43 on Thursday. The company has a 50-day simple moving average of $3.12 and a 200-day simple moving average of $10.92. The company has a market capitalization of $2.48 million, a PE ratio of 0.10 and a beta of 0.36. Psyence Biomedical has a 52-week low of $1.92 and a 52-week high of $74.94.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Psyence Biomedical stock. Virtu Financial LLC grew its stake in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 258.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,042 shares of the company’s stock after acquiring an additional 26,717 shares during the period. Virtu Financial LLC owned about 3.63% of Psyence Biomedical worth $28,000 at the end of the most recent reporting period. 77.44% of the stock is owned by institutional investors and hedge funds.

About Psyence Biomedical

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.