Cybin (NASDAQ:HELP) Shares Up 6.5% – What’s Next?

Cybin Inc. (NASDAQ:HELP)’s share price was up 6.5% during mid-day trading on Thursday. The stock traded as high as $11.15 and last traded at $11.05. Approximately 1,521,392 shares traded hands during mid-day trading, an increase of 20% from the average daily volume of 1,269,231 shares. The stock had previously closed at $10.38.

Analyst Upgrades and Downgrades

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

Cybin Trading Up 6.5%

The business’s 50-day moving average price is $12.16 and its 200-day moving average price is $7.93. The stock has a market cap of $879.49 million, a PE ratio of -3.66 and a beta of 0.53.

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

Insiders Place Their Bets

In other Cybin news, insider Paul Glavine purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was bought at an average cost of $12.47 per share, for a total transaction of $1,247,000.00. Following the completion of the purchase, the insider owned 4,271,252 shares in the company, valued at $53,262,512.44. This represents a 2.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Halstead purchased 100,000 shares of the stock in a transaction on Monday, September 21st. The stock was acquired at an average cost of $13.47 per share, with a total value of $1,347,000.00. Following the acquisition, the chief executive officer owned 168,568 shares of the company’s stock, valued at approximately $2,270,610.96. This represents a 145.84% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 688,000 shares of company stock valued at $8,422,830. 15.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Cybin

Several large investors have recently bought and sold shares of HELP. Pale Fire Capital SE acquired a new position in Cybin during the 2nd quarter valued at approximately $1,015,000. WealthPlan Investment Management LLC purchased a new position in shares of Cybin in the third quarter worth $1,272,000. Farther Finance Advisors LLC raised its holdings in shares of Cybin by 927.4% in the third quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock worth $280,000 after buying an additional 20,597 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Cybin during the second quarter worth $75,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.