Psyence Biomedical (NASDAQ:PBM) stock is rocketing higher on Thursday after providing investors with export and clinical trial updates.
Starting with its exports, Psyence Biomedical notes that it is shipping nature-derived psilocybin to Australia. This shipping covers PEX010, which is the company’s current drug candidate.
This export has Psyence Biomedical sending PEX010 to testing sites in Australia. These are tied to its planned Phase IIb clinical trial of the nature-derived psilocybin. With this, the company is preparing to start its study of the drug.
This will be a double-blind placebo-controlled study of PEX010. The company will be using it alongside psychotherapy to treat patients with Adjustment Disorder.
Psyence Biomedical medical director Dr. Clive Ward-Able said the following about the news.
“Over the past several months, we have made substantial progress preparing for our Phase IIb study, and following my recent site visit to Australia, I am pleased to report that all parties, including Psyence and our partners, Fluence and iNGENū, are poised to initiate the study imminently.”
PBM Stock Movement Today
Shares of PBM are seeing heavy trading on Thursday morning. This has more than 15 million units changing hands. That’s already well above its daily average trading volume of about 931,000 shares.
PBM stock is up 162.6% as of Thursday morning. The stock was down 83.3% year-to-date when markets closed yesterday.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news ready to go on Thursday! That includes the biggest pre-market stock movers and more of the latest happenings. You can read up on all of that at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
