Cybin (NASDAQ:HELP) Trading 10.9% Higher – Here’s Why

Cybin Inc. (NASDAQ:HELP) was up 10.9% during trading on Tuesday . The stock traded as high as $8.85 and last traded at $8.9420. 653,158 shares changed hands during trading, a decline of 39% from the average session volume of 1,077,119 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. TD Cowen initiated coverage on Cybin in a research note on Monday, April 13th. They issued a “buy” rating for the company. Wells Fargo & Company initiated coverage on Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Cybin has a consensus rating of “Buy” and a consensus target price of $45.25.

Cybin Trading Up 14.2%

The firm’s 50-day moving average price is $5.87. The stock has a market capitalization of $643.15 million, a P/E ratio of -2.18 and a beta of 0.55.

Hedge Funds Weigh In On Cybin

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its position in Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after buying an additional 959,448 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after buying an additional 11,790 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares during the period. 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.