Cybin (NASDAQ:HELP) Sets New 12-Month High – Here’s Why

Cybin Inc. (NASDAQ:HELP)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $11.90 and last traded at $11.7590, with a volume of 52241 shares. The stock had previously closed at $11.49.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company started coverage on shares of Cybin in a research note on Monday, July 27th. They issued an “overweight” rating and a $16.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $45.25.

Cybin Price Performance

The firm has a market capitalization of $837.79 million, a P/E ratio of -2.83 and a beta of 0.55. The company has a fifty day moving average of $7.02 and a 200 day moving average of $6.06.

Cybin (NASDAQ:HELP) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). On average, sell-side analysts forecast that Cybin Inc. will post -3.17 EPS for the current year.

Institutional Investors Weigh In On Cybin

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its position in Cybin by 66.8% in the 2nd 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. Osaic Holdings Inc. lifted its stake in Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Cybin by 1,388.5% during the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after acquiring an additional 959,448 shares during the last quarter. Institutional investors and hedge funds own 17.94% of the company’s stock.

Cybin Company Profile

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.