Cybin (NASDAQ:HELP) Stock Price Down 4.5% – Here’s Why

Cybin Inc. (NASDAQ:HELP)’s stock price was down 4.5% during trading on Monday . The company traded as low as $11.63 and last traded at $11.6280. Approximately 202,596 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,183,181 shares. The stock had previously closed at $12.18.

Analysts Set New Price Targets

Several research firms have recently issued reports on HELP. Wells Fargo & Company assumed coverage on shares of Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 price objective for the company. TD Cowen increased their target price on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Finally, Wall Street Zen upgraded Cybin from a “strong sell” rating to a “sell” rating in a research note on Saturday. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Cybin currently has an average rating of “Buy” and a consensus target price of $48.60.

Cybin Price Performance

The company’s 50 day simple moving average is $8.97 and its 200 day simple moving average is $6.56. The company has a market capitalization of $847.50 million, a PE ratio of -3.84 and a beta of 0.55.

Cybin (NASDAQ:HELP) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.11). On average, equities analysts forecast that Cybin Inc. will post -2.95 EPS for the current year.

Institutional Investors Weigh In On Cybin

A number of institutional investors and hedge funds have recently bought and sold shares of HELP. Millennium Management LLC boosted its stake in 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 acquiring an additional 959,448 shares in the last quarter. Pale Fire Capital SE acquired a new stake in shares of Cybin during the second quarter worth about $1,015,000. Bank of America Corp DE lifted its holdings 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 purchasing an additional 11,790 shares during the last quarter. AXQ Capital LP purchased a new stake in shares of Cybin in the 2nd quarter valued at about $75,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of 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 purchasing an additional 2,400 shares during the last quarter. 17.94% of the stock is owned by hedge funds and other institutional investors.

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.