Psyence Biomedical Ltd. (NASDAQ:PBM – Get Free Report) was the target of a large decline in short interest in the month of 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. Approximately 1.2% of the shares of the company are short sold. Based on an average daily trading volume, of 109,582 shares, the days-to-cover ratio is currently 0.2 days.
Analyst Ratings Changes
Several analysts recently commented on PBM shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Psyence Biomedical in a report on Friday, July 17th. Wall Street Zen raised Psyence Biomedical to a “hold” rating in a report on Saturday, October 3rd. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat, Psyence Biomedical presently has an average rating of “Sell”.
View Our Latest Stock Report on PBM
Psyence Biomedical Stock Up 4.6%
Shares of NASDAQ:PBM traded up $0.19 during trading on Thursday, reaching $4.32. 16,495 shares of the company’s stock traded hands, compared to its average volume of 921,384. Psyence Biomedical has a fifty-two week low of $1.92 and a fifty-two week high of $22.40. The company has a 50-day simple moving average of $4.79 and a 200-day simple moving average of $4.26. The firm has a market cap of $9.91 million, a PE ratio of 0.17 and a beta of 1.68.
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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