Canaccord Genuity Group Has Lowered Expectations for Cybin (NASDAQ:HELP) Stock Price

Cybin (NASDAQ:HELP) had its price target lowered by stock analysts at Canaccord Genuity Group from $45.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, TD Cowen started coverage on shares of Cybin in a report on Monday, April 13th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Cybin has a consensus rating of “Buy” and an average target price of $51.75.

Cybin Stock Down 0.5%

NASDAQ:HELP opened at $6.58 on Wednesday. The stock has a market cap of $339.78 million, a price-to-earnings ratio of -1.53 and a beta of 0.74. Cybin has a fifty-two week low of $3.76 and a fifty-two week high of $9.16. The firm’s fifty day moving average is $4.91.

Cybin (NASDAQ:HELP) last issued its quarterly earnings data on Monday, June 29th. The company reported $999.00 earnings per share for the quarter. As a group, analysts anticipate that Cybin will post -3.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. raised its holdings in shares of Cybin by 46.7% in the 2nd 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. Bank of America Corp DE increased its position in shares of Cybin by 66.8% during the second 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. Finally, Millennium Management LLC lifted its holdings 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 valued at $8,414,000 after purchasing 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.