Shares of Cybin Inc. (NASDAQ:HELP – Get Free Report) rose 8.8% on Tuesday . The company traded as high as $7.82 and last traded at $7.7360. 706,854 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 1,035,549 shares. The stock had previously closed at $7.11.
Wall Street Analysts Forecast Growth
Separately, TD Cowen began coverage on shares of Cybin in a research report on Monday, April 13th. They issued a “buy” rating on the stock. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $55.00.
Cybin Price Performance
Hedge Funds Weigh In On Cybin
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in shares of Cybin by 1,388.5% during the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock valued at $8,414,000 after purchasing an additional 959,448 shares during the period. Osaic Holdings Inc. boosted its stake in Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after buying an additional 2,400 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in 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 acquiring an additional 11,790 shares during the period. 17.94% of the stock is owned by institutional investors.
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.
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