Psyence Biomedical (NASDAQ:PBM) Shares Down 12.6% – Should You Sell?

Shares of Psyence Biomedical Ltd. (NASDAQ:PBM) were down 12.6% on Wednesday . The company traded as low as $1.51 and last traded at $1.53. Approximately 254,775 shares traded hands 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 Stock Performance

The stock’s 50 day moving average is $4.61 and its two-hundred day moving average is $20.00.

Institutional Trading of Psyence Biomedical

An institutional investor recently raised its position in Psyence Biomedical stock. AdvisorShares Investments LLC increased its position in shares of Psyence Biomedical Ltd. (NASDAQ:PBM) by 70.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. 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 about 5.27% of Psyence Biomedical worth $148,000 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.