Cybin (NASDAQ:HELP) Reaches New 1-Year High – Here’s Why

Shares of Cybin Inc. (NASDAQ:HELP) reached a new 52-week high on Thursday . The stock traded as high as $11.90 and last traded at $11.7590, with a volume of 52241 shares traded. The stock had previously closed at $11.49.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company assumed coverage on Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $45.25.

Cybin Price Performance

The business’s 50 day moving average price is $6.73. The company has a market cap of $825.51 million, a PE ratio of -2.81 and a beta of 0.55.

Hedge Funds Weigh In On Cybin

Several institutional investors have recently bought and sold shares of HELP. Osaic Holdings Inc. lifted its holdings in Cybin by 46.7% during the second 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 increased 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 worth $247,000 after purchasing an additional 11,790 shares in the last quarter. Finally, Millennium Management LLC raised its position 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 valued at $8,414,000 after purchasing an additional 959,448 shares during the period. 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.