Psybio Therapeutics Corp (OTCMKTS: PSYBF) is up by 75% this week, making it a good option for investors. The company has shown an upward trend in the last month with an increase of 62%. This is a positive trend from the company’s drop of 49% in the previous six months.
Trading Data
On Monday, PSYBF stock fell 0.10% to $0.0969 with more than 1.2K shares, compared to its average volume of 40K shares. The stock moved within a range of $0.0968 – 0.0969 after opening trade at $0.0968.
About Psybio Therapeutics Corp
Psybio Therapeutics is a biotechnology company that commercializes, develops, and researches regulated psychedelic therapies for mental health and other diseases. The company is one of the few in the U.S that is working towards developing US Food and Drug Administration (FDA) approved psychedelic-inspired clinical trials and treatments. It hopes to become a leader in the psychedelic space as its current pipeline contains 88 molecules, is developing 40 others, and has set up clinical trials.
The company, which was formerly Leo Acquisitions Corp, is working towards developing products that it will sell in the pharmaceutical industry. Psybio’s platform enables it to generate compounds such as psilocybin and biosynthetic psilocybin.
PsyBio Therapeutics to Seek Approval of Proposed Share Consolidation at Annual and Special Meeting of Shareholders
Psybio will hold its annual and general meeting of shareholders on August 11. The company hopes to get approval from its shareholders for a few things. One is the consolidation of outstanding and issued multiple and subordinate voting shares. The shares will be consolidated per the company’s articles and approved by its board of directors.
The company has stated that it has not considered changing its name with the consolidation. Moreover, the consolidation will go on after shareholder approval and authorization by the TSX Venture Exchange.
Psybio has also given reasons for the proposed consolidation. The company wants to lower the number of outstanding and issued shares as the board thinks it could allow the company to trade its shares at a higher price. Furthermore, it could widen the types of investors the company has. As a result, the company will have a higher liquidity and trading volume.
However, the company notes that the consolidation might not yield any of these results. If it does, Psybio cannot assure investors that it can sustain the results. Does it this, the company is willing to take the chance.
Technical Data
PSYBF stock is above the 20-Day and 50-Day Moving averages of $0.0692 and $0.0650 respectively. However, the stock is trading below the 200-Day moving average of $0.1650.
