Psyence Biomedical (NASDAQ:PBM) Stock Price Down 12.6% – What’s Next?

Psyence Biomedical Ltd. (NASDAQ:PBM)’s stock price was down 12.6% during mid-day trading on Wednesday . The company traded as low as $1.51 and last traded at $1.53. Approximately 254,775 shares were traded during trading, an increase of 5% from the average daily volume of 242,515 shares. The stock had previously closed at $1.75.

Psyence Biomedical Price Performance

The firm has a 50-day moving average price of $4.77 and a 200 day moving average price of $20.49.

Institutional Investors Weigh In On Psyence Biomedical

A hedge fund recently raised its stake in Psyence Biomedical stock. AdvisorShares Investments LLC raised its stake in Psyence Biomedical Ltd. (NASDAQ:PBM) by 70.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 463,042 shares of the company’s stock after acquiring an additional 191,706 shares during the period. AdvisorShares Investments LLC owned approximately 5.27% of Psyence Biomedical worth $148,000 at the end of the most recent quarter. 77.44% of the stock is currently 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.