Psyence Biomedical (NASDAQ:PBM) Trading Down 7% – Time to Sell?

Psyence Biomedical Ltd. (NASDAQ:PBM) traded down 7% during trading on Tuesday . The company traded as low as $3.04 and last traded at $3.34. 325,225 shares were traded during mid-day trading, an increase of 471% from the average session volume of 56,942 shares. The stock had previously closed at $3.59.

Psyence Biomedical Price Performance

The business has a 50 day moving average of $0.15 and a 200 day moving average of $0.38.

Institutional Trading of Psyence Biomedical

A hedge fund recently raised its stake in Psyence Biomedical stock. AdvisorShares Investments LLC lifted its holdings in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 70.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 463,042 shares of the company’s stock after purchasing an additional 191,706 shares during the period. AdvisorShares Investments LLC owned 5.27% of Psyence Biomedical worth $148,000 at the end of the most recent reporting period. 77.44% of the stock is owned by hedge funds and other institutional investors.

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.