Psyence Biomedical (NASDAQ:PBM) Stock Rating Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Psyence Biomedical (NASDAQ:PBM) to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Psyence Biomedical in a research note on Friday, July 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.

Psyence Biomedical Stock Performance

Shares of NASDAQ PBM opened at $5.16 on Friday. The firm has a market cap of $11.82 million, a P/E ratio of 0.20 and a beta of 1.68. Psyence Biomedical has a 1 year low of $1.92 and a 1 year high of $28.13. The firm’s 50 day moving average price is $4.53 and its 200 day moving average price is $4.11.

Psyence Biomedical Company Profile

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.