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

Psyence Biomedical Ltd. (NASDAQ:PBM) was the recipient of a significant decline in short interest during the month of May. As of May 29th, there was short interest totaling 25,988 shares, a decline of 63.5% from the May 14th total of 71,272 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 81,827 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PBM. Wall Street Zen raised shares of Psyence Biomedical to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Psyence Biomedical in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Psyence Biomedical Stock Performance

NASDAQ PBM traded down $0.16 on Friday, reaching $3.33. 62,536 shares of the company’s stock traded hands, compared to its average volume of 93,686. The firm has a market cap of $3.40 million, a price-to-earnings ratio of 0.13 and a beta of 1.64. The stock has a 50 day moving average price of $4.79 and a 200-day moving average price of $4.86. Psyence Biomedical has a fifty-two week low of $1.92 and a fifty-two week high of $74.94.

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.