Cybin (NASDAQ:HELP) Stock Price Down 1.1% – Here’s What Happened

Cybin Inc. (NASDAQ:HELP)’s stock price dropped 1.1% during mid-day trading on Wednesday. The stock traded as low as $10.19 and last traded at $10.38. Approximately 1,040,414 shares were traded during trading, a decline of 18% from the average daily volume of 1,268,004 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wall Street Zen downgraded Cybin from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. TD Cowen upped their price target on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. Wells Fargo & Company began coverage on Cybin in a research note on Monday, July 27th. They issued an “overweight” rating and a $16.00 price target for the company. Finally, Barclays started coverage on Cybin in a research report on Friday, September 18th. They set an “overweight” rating and a $35.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $46.33.

Cybin Price Performance

The firm has a market cap of $826.14 million, a price-to-earnings ratio of -3.44 and a beta of 0.53. The firm’s fifty day moving average is $12.16 and its 200-day moving average is $7.89.

Cybin (NASDAQ:HELP) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). As a group, equities research analysts anticipate that Cybin Inc. will post -2.95 EPS for the current year.

Insiders Place Their Bets

In other Cybin news, insider Eric H. L. So acquired 100,000 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were bought at an average cost of $12.39 per share, with a total value of $1,239,000.00. Following the purchase, the insider directly owned 4,465,014 shares of the company’s stock, valued at $55,321,523.46. This trade represents a 2.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Glavine bought 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired at an average price of $12.47 per share, for a total transaction of $1,247,000.00. Following the transaction, the insider owned 4,271,252 shares in the company, valued at $53,262,512.44. This represents a 2.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 688,000 shares of company stock valued at $8,422,830 over the last 90 days. 15.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cybin

Institutional investors have recently added to or reduced their stakes in the business. Pale Fire Capital SE bought a new position in Cybin during the 2nd quarter valued at $1,015,000. Farther Finance Advisors LLC grew its stake in shares of Cybin by 927.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock worth $280,000 after acquiring an additional 20,597 shares in the last quarter. Finally, AXQ Capital LP bought a new stake in shares of Cybin in the 2nd quarter worth $75,000. 17.94% of the stock is owned by institutional investors and hedge funds.

About Cybin

Cybin Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company combines psychedelic compounds with drug-delivery technologies and treatment protocols designed to improve the safety, consistency and duration of psychedelic-assisted therapies.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin therapy being studied for major depressive disorder, and CYB004, an investigational formulation of N,N-dimethyltryptamine (DMT) being evaluated for generalized anxiety disorder.