Psyence Biomedical (NASDAQ:PBM) Trading 1% Higher – Still a Buy?

Psyence Biomedical Ltd. (NASDAQ:PBM) shares were up 1% on Friday . The company traded as high as $4.44 and last traded at $4.10. Approximately 76,765 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 309,516 shares. The stock had previously closed at $4.06.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 stock currently has a consensus rating of “Sell”.

Psyence Biomedical Stock Performance

The company’s 50-day moving average price is $4.38 and its 200 day moving average price is $6.13. The stock has a market cap of $4.18 million, a PE ratio of 0.16 and a beta of 1.78.

Institutional Trading of Psyence Biomedical

A hedge fund recently raised its stake in Psyence Biomedical stock. Virtu Financial LLC grew its holdings in Psyence Biomedical Ltd. (NASDAQ:PBM) by 258.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,042 shares of the company’s stock after acquiring an additional 26,717 shares during the period. Virtu Financial LLC owned 3.63% of Psyence Biomedical worth $28,000 as of its most recent SEC filing. 77.44% of the stock is owned by institutional investors and hedge funds.

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.