Cybin (NASDAQ:HELP) Sets New 52-Week High – Should You Buy?

Cybin Inc. (NASDAQ:HELP) shares hit a new 52-week high on Wednesday . The company traded as high as $12.05 and last traded at $11.8060, with a volume of 41632 shares trading hands. The stock had previously closed at $11.67.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company started coverage on Cybin in a report 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $45.25.

Cybin Stock Performance

The stock has a market cap of $819.70 million, a PE ratio of -3.63 and a beta of 0.55. The firm’s 50-day moving average is $7.33 and its 200 day moving average is $6.12.

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

Hedge Funds Weigh In On Cybin

Several institutional investors have recently added to or reduced their stakes in HELP. Osaic Holdings Inc. raised 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 during the last quarter. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 11,790 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Cybin by 1,388.5% in the fourth 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. 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.