Wells Fargo & Company Begins Coverage on Cybin (NASDAQ:HELP)

Analysts at Wells Fargo & Company started coverage on shares of Cybin (NASDAQ:HELP) in a research note issued on Monday. The brokerage set an “overweight” rating and a $16.00 price target on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 109.97% from the company’s previous close.

Separately, TD Cowen initiated coverage on Cybin in a research note on Monday, April 13th. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin has a consensus rating of “Buy” and a consensus target price of $45.25.

Cybin Price Performance

HELP opened at $7.62 on Monday. The stock’s fifty day simple moving average is $5.47. The firm has a market cap of $532.41 million, a price-to-earnings ratio of -1.80 and a beta of 0.62. Cybin has a 52 week low of $3.76 and a 52 week high of $9.12.

Institutional Trading of Cybin

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew 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 during the period. Bank of America Corp DE raised its position in shares of Cybin by 66.8% during 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 during the period. Finally, Osaic Holdings Inc. raised its position 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 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.