Cybin (NASDAQ:HELP) Price Target Raised to $62.00

Cybin (NASDAQ:HELP) had its price objective increased by stock analysts at TD Cowen from $8.00 to $62.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 407.41% from the company’s current price.

Separately, Wells Fargo & Company began 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 investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $48.60.

Cybin Stock Up 3.7%

Shares of Cybin stock traded up $0.44 during trading on Thursday, reaching $12.22. The company’s stock had a trading volume of 256,105 shares, compared to its average volume of 1,155,436. The business’s 50-day moving average price is $7.49 and its 200-day moving average price is $6.16. The firm has a market cap of $892.72 million, a PE ratio of -3.80 and a beta of 0.55. Cybin has a 52 week low of $3.76 and a 52 week high of $12.45.

Cybin (NASDAQ:HELP) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). Equities analysts predict that Cybin will post -3.17 earnings per share for the current year.

Institutional Trading of Cybin

A number of institutional investors and hedge funds have recently made changes to their positions in HELP. Osaic Holdings Inc. boosted its position in shares of Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares in the last quarter. Bank of America Corp DE raised its position in Cybin by 66.8% during the second 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 in the last quarter. Finally, Millennium Management LLC raised its position in Cybin by 1,388.5% during 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 in the last quarter. 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.