Psyence Biomedical (PBM) Stock Is Down 30%: What's Going On?
Portfolio Pulse from Henry Khederian
Psyence Biomedical (NASDAQ:PBM) shares dropped 28.6% to $0.25 after announcing an exclusive licensing agreement with PsyLabs for psilocybin use in clinical trials. The company plans to focus on alcohol use disorder and a Phase IIb trial for Adjustment Disorder in cancer patients. PBM has lost 90.13% YTD, underperforming its historical averages.
September 04, 2024 | 4:21 pm
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Psyence Biomedical's stock fell 28.6% following a licensing agreement with PsyLabs for psilocybin. The company is focusing on clinical trials for alcohol use disorder and cancer patients. The stock has significantly underperformed, losing 90.13% YTD.
The stock's significant drop is likely due to investor concerns over the company's financial health and future prospects, given its substantial YTD losses and the speculative nature of its new focus on psilocybin trials.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100