Cybin (NASDAQ:HELP) Stock Price Up 5.9% After Insider Buying Activity

Cybin Inc. (NASDAQ:HELP) shot up 5.9% on Wednesday after an insider bought additional shares in the company. The company traded as high as $13.06 and last traded at $13.1150. 701,407 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 1,192,654 shares. The stock had previously closed at $12.39.

Specifically, insider Paul Glavine bought 90,000 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average price of $11.59 per share, for a total transaction of $1,043,100.00. Following the purchase, the insider owned 4,071,252 shares in the company, valued at $47,185,810.68. This represents a 2.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Analysts Set New Price Targets

A number of equities research analysts have commented on HELP shares. TD Cowen raised their price target on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Wells Fargo & Company started coverage on Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 target price on the stock. Finally, Wall Street Zen upgraded Cybin from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 29th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Cybin currently has an average rating of “Buy” and a consensus target price of $48.60.

Cybin Stock Up 9.8%

The company’s 50 day moving average price is $9.56 and its two-hundred day moving average price is $6.76. The firm has a market cap of $1.03 billion, a PE ratio of -4.51 and a beta of 0.63.

Cybin (NASDAQ:HELP) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.11). On average, analysts expect that Cybin Inc. will post -2.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HELP. Pale Fire Capital SE purchased a new stake in shares of Cybin in the second quarter worth approximately $1,015,000. Millennium Management LLC grew its position in Cybin by 1,388.5% in the 4th 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 last quarter. Osaic Holdings Inc. increased its stake in Cybin by 46.7% in 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. Bank of America Corp DE lifted 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 last quarter. Finally, AXQ Capital LP bought a new stake in shares of Cybin during the second quarter worth $75,000. Institutional investors 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.