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

Shares of Psyence Biomedical Ltd. (NASDAQ:PBM) dropped 12.6% during mid-day trading on Wednesday . The stock traded as low as $1.51 and last traded at $1.53. Approximately 254,775 shares changed hands during mid-day 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 stock has a 50 day simple moving average of $4.77 and a two-hundred day simple moving average of $20.49.

Institutional Trading of Psyence Biomedical

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