Psyence Biomedical Ltd. (NASDAQ:PBM) Sees Significant Increase in Short Interest

Psyence Biomedical Ltd. (NASDAQ:PBM) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 293,800 shares, a growth of 56.4% from the January 31st total of 187,800 shares. Currently, 43.1% of the company’s stock are sold short. Based on an average trading volume of 2,560,000 shares, the days-to-cover ratio is currently 0.1 days.

Hedge Funds Weigh In On Psyence Biomedical

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new stake in Psyence Biomedical during the 4th quarter worth $27,000. Essential Planning LLC. purchased a new stake in Psyence Biomedical during the 4th quarter worth $163,000. Finally, Harraden Circle Investments LLC purchased a new stake in Psyence Biomedical during the 4th quarter worth $385,000. Institutional investors and hedge funds own 77.44% of the company’s stock.

Psyence Biomedical Stock Performance

Shares of NASDAQ:PBM traded down $0.03 during midday trading on Tuesday, hitting $1.00. 337,488 shares of the company’s stock traded hands, compared to its average volume of 710,861. The firm’s fifty day moving average price is $1.65 and its two-hundred day moving average price is $7.39. Psyence Biomedical has a twelve month low of $0.87 and a twelve month high of $323.25.

Psyence Biomedical (NASDAQ:PBM) last posted its earnings results on Thursday, January 23rd. The company reported $0.51 earnings per share for the quarter.

Psyence Biomedical Company Profile

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.