Cybin (NASDAQ:HELP) Shares Up 10.9% – Here’s Why

Cybin Inc. (NASDAQ:HELP)’s share price was up 10.9% during mid-day trading on Tuesday . The stock traded as high as $8.85 and last traded at $8.9420. 653,158 shares traded hands during trading, a decline of 39% from the average session volume of 1,077,119 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. TD Cowen started coverage on Cybin in a report on Monday, April 13th. They set a “buy” rating for the company. Wells Fargo & Company initiated coverage on shares of Cybin in a report on Monday, July 27th. They set an “overweight” rating and a $16.00 price target for the company. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $45.25.

Cybin Stock Up 14.2%

The stock’s 50 day moving average price is $5.87. The firm has a market capitalization of $643.15 million, a price-to-earnings ratio of -2.18 and a beta of 0.55.

Institutional Trading of Cybin

Hedge funds and other institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. grew its holdings in shares of Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $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 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after buying an additional 11,790 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Cybin by 1,388.5% during the 4th 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 during the period. 17.94% of the stock is currently owned by institutional investors.

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.