Psyence Biomedical Ltd. (NASDAQ:PBM – Get Free Report) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 48,219 shares, a growth of 245.6% from the August 31st total of 13,951 shares. Approximately 2.2% of the company’s stock are short sold. Based on an average daily volume of 66,626 shares, the short-interest ratio is currently 0.7 days.
Psyence Biomedical Stock Down 5.1%
Shares of NASDAQ PBM traded down $0.30 during mid-day trading on Friday, reaching $5.56. 105,177 shares of the company were exchanged, compared to its average volume of 86,719. Psyence Biomedical has a 1 year low of $1.92 and a 1 year high of $28.13. The firm has a 50-day moving average of $4.28 and a 200 day moving average of $4.01. The stock has a market cap of $12.73 million, a price-to-earnings ratio of 0.22 and a beta of 1.72.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on PBM shares. Wall Street Zen raised shares of Psyence Biomedical to a “hold” rating in a research report on Saturday, June 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Psyence Biomedical in a report on Friday, July 17th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.
About Psyence Biomedical
Psyence Biomedical Ltd. (NASDAQ: PBM) is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company’s research centers on naturally derived psilocybin and its potential use in medically supervised treatment programs.
Its lead development program is designed to evaluate psilocybin-assisted therapy for adjustment disorder in patients with cancer. Psyence Biomedical’s activities include drug development, clinical research and work with external partners to advance psychedelic medicines toward potential regulatory approval and commercialization.
The company became publicly traded on Nasdaq in February 2024 following a business combination with Newcourt Acquisition Corp.
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