Cybin (NASDAQ:HELP) Shares Down 6.4% – Here’s Why

Cybin Inc. (NASDAQ:HELP)’s stock price fell 6.4% during mid-day trading on Monday . The company traded as low as $11.23 and last traded at $10.87. 210,525 shares were traded during trading, a decline of 81% from the average session volume of 1,124,080 shares. The stock had previously closed at $11.61.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company started coverage on shares of Cybin in a research report on Monday, July 27th. They issued an “overweight” rating and a $16.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $45.25.

Cybin Trading Up 0.8%

The company has a market cap of $705.03 million, a PE ratio of -2.39 and a beta of 0.55. The business’s 50 day moving average is $6.58.

Institutional Trading of Cybin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. grew 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 purchasing an additional 2,400 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Cybin by 66.8% in the second 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 in the last quarter. Finally, Millennium Management LLC lifted its position in Cybin by 1,388.5% in the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $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.

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.