Cybin Sees Unusually High Options Volume (NASDAQ:HELP)

Cybin Inc. (NASDAQ:HELP) was the target of unusually large options trading on Wednesday. Traders bought 13,430 call options on the stock. This represents an increase of approximately 805% compared to the average daily volume of 1,484 call options.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HELP. Wells Fargo & Company started coverage on Cybin in a report on Monday, July 27th. They set an “overweight” rating and a $16.00 price objective for the company. TD Cowen upped their target price on shares of Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Barclays initiated coverage on shares of Cybin in a research report on Friday, September 18th. They set an “overweight” rating and a $35.00 target price for the company. Finally, Wall Street Zen upgraded shares of Cybin from a “strong sell” rating to a “sell” rating in a research report on Saturday. Six analysts have rated the stock with a Buy rating. According to MarketBeat.com, Cybin presently has an average rating of “Buy” and a consensus target price of $46.33.

Cybin Stock Up 0.6%

HELP stock traded up $0.07 during midday trading on Wednesday, reaching $11.01. 297,517 shares of the company’s stock traded hands, compared to its average volume of 1,268,724. The company has a 50-day simple moving average of $12.16 and a two-hundred day simple moving average of $8.10. Cybin has a 1-year low of $3.76 and a 1-year high of $15.15. The company has a market cap of $878.29 million, a price-to-earnings ratio of -3.65 and a beta of 0.53.

Cybin (NASDAQ:HELP) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). Equities research analysts forecast that Cybin will post -2.95 EPS for the current year.

Insider Buying and Selling

In related news, insider Eric H. L. So purchased 100,000 shares of the stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following the completion of the transaction, the insider directly owned 4,465,014 shares of the company’s stock, valued at approximately $55,321,523.46. The trade was a 2.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Greg Cavers acquired 3,000 shares of the company’s stock in a transaction on Tuesday, September 29th. The shares were bought at an average price of $12.91 per share, with a total value of $38,730.00. Following the completion of the purchase, the chief financial officer directly owned 3,000 shares of the company’s stock, valued at approximately $38,730. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 688,000 shares of company stock worth $8,422,830 over the last 90 days. Corporate insiders own 15.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. AXQ Capital LP bought a new position in shares of Cybin in the second quarter worth about $75,000. Farther Finance Advisors LLC lifted its position in shares of Cybin by 927.4% during the third quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock worth $280,000 after purchasing an additional 20,597 shares in the last quarter. WealthPlan Investment Management LLC acquired a new position in shares of Cybin during the third quarter worth approximately $1,272,000. Finally, Pale Fire Capital SE bought a new stake in shares of Cybin during the second quarter valued at approximately $1,015,000. 17.94% of the stock is owned by institutional investors.

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.