WealthPlan Investment Management LLC Makes New $1.27 Million Investment in Cybin Inc. $HELP

WealthPlan Investment Management LLC bought a new position in Cybin Inc. (NASDAQ:HELP) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 103,500 shares of the company’s stock, valued at approximately $1,272,000. WealthPlan Investment Management LLC owned about 0.13% of Cybin as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of Cybin by 927.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock valued at $280,000 after purchasing an additional 20,597 shares during the period. AXQ Capital LP purchased a new position in Cybin in the 2nd quarter worth about $75,000. Finally, Pale Fire Capital SE purchased a new position in Cybin in the 2nd quarter worth about $1,015,000. 17.94% of the stock is owned by institutional investors and hedge funds.

Cybin Stock Performance

HELP opened at $11.05 on Friday. The stock has a fifty day moving average of $12.15 and a 200-day moving average of $7.97. Cybin Inc. has a 12-month low of $3.76 and a 12-month high of $15.15.

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 anticipate that Cybin Inc. will post -2.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

HELP has been the topic of several recent analyst reports. Barclays initiated coverage on Cybin in a report on Friday, September 18th. They set an “overweight” rating and a $35.00 price objective on the stock. Wall Street Zen cut shares of Cybin from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Wells Fargo & Company initiated coverage on shares of Cybin in a research report on Monday, July 27th. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, TD Cowen lifted their target price on shares of Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, Cybin has a consensus rating of “Buy” and an average price target of $46.33.

Insiders Place Their Bets

In other Cybin news, CEO Michael Halstead bought 100,000 shares of the stock in a transaction on Monday, September 21st. The shares were bought at an average price of $13.47 per share, with a total value of $1,347,000.00. Following the purchase, the chief executive officer directly owned 168,568 shares in the company, valued at $2,270,610.96. The trade was a 145.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric H. L. So bought 100,000 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average price of $12.39 per share, for a total transaction of $1,239,000.00. Following the acquisition, the insider directly owned 4,465,014 shares in the company, valued at $55,321,523.46. This trade represents a 2.29% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 688,000 shares of company stock valued at $8,422,830 in the last 90 days. Insiders own 15.00% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company combines psychedelic compounds with drug-delivery technologies and treatment protocols designed to improve the safety, consistency and duration of psychedelic-assisted therapies.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin therapy being studied for major depressive disorder, and CYB004, an investigational formulation of N,N-dimethyltryptamine (DMT) being evaluated for generalized anxiety disorder.