Cybin (NASDAQ:HELP) Stock Price Down 6.4% – Here’s What Happened

Cybin Inc. (NASDAQ:HELP) was down 6.4% during trading on Monday . The stock traded as low as $11.23 and last traded at $10.87. 210,525 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,124,080 shares. The stock had previously closed at $11.61.

Analyst Ratings Changes

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

Cybin Stock Performance

The company has a market cap of $722.46 million, a price-to-earnings ratio of -2.44 and a beta of 0.55. The company’s 50 day moving average price is $6.37.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Millennium Management LLC lifted its position in 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 purchasing an additional 959,448 shares during the period. Osaic Holdings Inc. increased its holdings in Cybin by 46.7% in the 2nd 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 during the period. Finally, Bank of America Corp DE raised its stake in shares of 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 in the last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.