Cybin (NASDAQ:HELP) Hits New 52-Week High – Still a Buy?

Shares of Cybin Inc. (NASDAQ:HELP) hit a new 52-week high on Tuesday . The company traded as high as $13.24 and last traded at $13.02, with a volume of 1863160 shares traded. The stock had previously closed at $12.59.

Analyst Ratings Changes

A number of brokerages recently commented on HELP. Wells Fargo & Company assumed coverage on Cybin in a report on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. TD Cowen lifted their price target on shares of Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $48.60.

Cybin Trading Up 3.4%

The stock has a market cap of $951.24 million, a P/E ratio of -4.31 and a beta of 0.55. The stock’s fifty day moving average price is $8.00 and its 200 day moving average price is $6.28.

Cybin (NASDAQ:HELP) last released its 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). As a group, sell-side analysts forecast that Cybin Inc. will post -3.17 earnings per share for the current year.

Institutional Investors Weigh In On Cybin

Hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. increased its stake in shares of 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 purchasing an additional 2,400 shares in the last quarter. AXQ Capital LP purchased a new position in shares of Cybin during the second quarter valued at approximately $75,000. Bank of America Corp DE boosted its position 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 worth $247,000 after purchasing an additional 11,790 shares in the last quarter. Pale Fire Capital SE bought a new stake in shares of Cybin in the 2nd quarter worth approximately $1,015,000. Finally, Millennium Management LLC grew its stake in shares of Cybin by 1,388.5% in the 4th 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. Hedge funds and other 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.