Cybin (NASDAQ:HELP) Trading 18.3% Higher – Time to Buy?

Shares of Cybin Inc. (NASDAQ:HELP) rose 18.3% during trading on Thursday . The company traded as high as $6.34 and last traded at $6.02. Approximately 7,111,084 shares changed hands during trading, an increase of 956% from the average session volume of 673,523 shares. The stock had previously closed at $5.09.

Analyst Ratings Changes

HELP has been the subject of several research reports. TD Cowen began coverage on shares of Cybin in a research note on Monday, April 13th. They issued a “buy” rating for the company. HC Wainwright boosted their price objective on shares of Cybin from $55.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Cybin currently has an average rating of “Buy” and a consensus price target of $58.75.

Cybin Stock Performance

The business’s 50 day simple moving average is $4.86. The company has a market cap of $336.53 million, a price-to-earnings ratio of -1.54 and a beta of 0.74.

Hedge Funds Weigh In On Cybin

Several large investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its position in Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after purchasing an additional 2,400 shares during the last quarter. Bank of America Corp DE raised its holdings in Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock worth $247,000 after buying an additional 11,790 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Cybin by 1,388.5% in the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after buying an additional 959,448 shares in the last quarter. Hedge funds and other institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biopharmaceutical company focused on the development of psychedelic-based therapeutics for the treatment of mental health disorders. Headquartered in Toronto and listed on the NASDAQ under the symbol HELP, Cybin pursues research and development programs intended to harness the therapeutic potential of psychedelic compounds to address conditions with significant unmet need.

The company operates a drug discovery and development platform aimed at creating novel small-molecule psychedelic analogs and tailored formulations.