TD Cowen Issues Positive Forecast for Cybin (NASDAQ:HELP) Stock Price

Cybin (NASDAQ:HELP) had its price target increased by analysts at TD Cowen from $8.00 to $62.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 407.41% from the company’s previous close.

Separately, Wells Fargo & Company assumed 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 equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin currently has a consensus rating of “Buy” and an average target price of $48.60.

Cybin Price Performance

NASDAQ:HELP traded up $0.44 on Thursday, hitting $12.22. 256,105 shares of the company’s stock were exchanged, compared to its average volume of 1,155,436. The firm has a 50-day moving average price of $7.49 and a 200-day moving average price of $6.16. Cybin has a 52 week low of $3.76 and a 52 week high of $12.45. The company has a market cap of $892.72 million, a P/E ratio of -3.80 and a beta of 0.55.

Cybin (NASDAQ:HELP) last announced its quarterly earnings data 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). On average, research analysts expect that Cybin will post -3.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cybin

Large investors have recently modified their holdings of the stock. Osaic Holdings Inc. boosted its holdings 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 buying an additional 2,400 shares during the period. Bank of America Corp DE raised its holdings 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 acquiring an additional 11,790 shares during the period. Finally, Millennium Management LLC lifted 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 acquiring an additional 959,448 shares during the last quarter. 17.94% of the stock is owned by institutional investors.

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.