Cybin (NASDAQ:HELP) Shares Gap Up – Time to Buy?

Cybin Inc. (NASDAQ:HELP)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $6.51, but opened at $6.93. Cybin shares last traded at $7.32, with a volume of 809,406 shares.

Wall Street Analyst Weigh In

Separately, TD Cowen began coverage on Cybin in a report on Monday, April 13th. They set a “buy” rating on the stock. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $55.00.

Cybin Stock Up 12.2%

The firm has a market cap of $510.40 million, a price-to-earnings ratio of -1.73 and a beta of 0.62. The firm has a 50-day moving average of $5.13.

Cybin (NASDAQ:HELP) last announced its earnings results on Monday, June 29th. The company reported $0.00 earnings per share for the quarter. Sell-side analysts expect that Cybin Inc. will post -3.45 earnings per share for the current year.

Institutional Trading of Cybin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in shares of Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after purchasing an additional 11,790 shares during the period. Osaic Holdings Inc. increased its holdings in Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after buying an additional 2,400 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Cybin by 1,388.5% during the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock valued at $8,414,000 after acquiring an additional 959,448 shares during the period. Institutional investors and hedge funds own 17.94% of the company’s stock.

About Cybin

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.