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

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

Psyence Biomedical Stock Performance

The firm has a 50 day moving average price of $0.15 and a 200-day moving average price of $0.38.

Hedge Funds Weigh In On Psyence Biomedical

An institutional investor recently raised its position in Psyence Biomedical stock. AdvisorShares Investments LLC grew its stake in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 70.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 463,042 shares of the company’s stock after buying an additional 191,706 shares during the period. AdvisorShares Investments LLC owned approximately 5.27% of Psyence Biomedical worth $148,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 77.44% of the company’s stock.

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.