Cybin (NASDAQ:HELP) Stock Price Up 6.1% on Analyst Upgrade

Cybin Inc. (NASDAQ:HELP)’s share price shot up 6.1% on Thursday after TD Cowen raised their price target on the stock from $8.00 to $62.00. TD Cowen currently has a buy rating on the stock. Cybin traded as high as $12.50 and last traded at $12.5040. Approximately 455,491 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 1,156,791 shares. The stock had previously closed at $11.78.

Separately, Wells Fargo & Company started coverage on Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 price target for the company. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $48.60.

Hedge Funds Weigh In On Cybin

A number of institutional investors have recently modified their holdings of HELP. Osaic Holdings Inc. boosted its holdings in shares of Cybin by 46.7% in 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 period. Bank of America Corp DE increased its holdings in Cybin by 66.8% during the 2nd 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, Millennium Management LLC increased its holdings in Cybin by 1,388.5% during the 4th 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. 17.94% of the stock is owned by hedge funds and other institutional investors.

Cybin Trading Up 6.1%

The firm has a market capitalization of $913.40 million, a P/E ratio of -3.90 and a beta of 0.55. The stock has a 50-day simple moving average of $7.49 and a two-hundred day simple moving average of $6.16.

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

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.