Psyence Biomedical (NASDAQ:PBM) Shares Down 12.6% – Time to Sell?

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

Psyence Biomedical Price Performance

The firm’s 50-day moving average is $4.61 and its 200 day moving average is $20.00.

Institutional Trading of Psyence Biomedical

A hedge fund recently raised its stake in Psyence Biomedical stock. AdvisorShares Investments LLC grew its position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 70.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 463,042 shares of the company’s stock after buying an additional 191,706 shares during the quarter. AdvisorShares Investments LLC owned 5.27% of Psyence Biomedical worth $148,000 as of its most recent filing with the SEC. 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.