Cybin (NASDAQ:HELP) Stock Price Down 4.5% – Here’s What Happened

Cybin Inc. (NASDAQ:HELP) shares fell 4.5% during mid-day trading on Monday . The company traded as low as $11.63 and last traded at $11.6280. Approximately 202,596 shares traded hands during trading, a decline of 83% from the average session volume of 1,183,181 shares. The stock had previously closed at $12.18.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. TD Cowen increased their price target on shares of Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Wall Street Zen raised shares of Cybin from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Wells Fargo & Company assumed coverage on shares of Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin currently has an average rating of “Buy” and a consensus price target of $48.60.

Cybin Price Performance

The company has a 50 day moving average price of $8.69 and a 200 day moving average price of $6.48. The firm has a market cap of $832.15 million, a PE ratio of -3.77 and a beta of 0.55.

Cybin (NASDAQ:HELP) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). On average, equities analysts anticipate that Cybin Inc. will post -2.95 earnings per share for the current fiscal year.

Institutional Trading of Cybin

Institutional investors have recently modified their holdings of the business. Osaic Holdings Inc. grew its holdings in Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares during the period. AXQ Capital LP acquired a new stake in Cybin in the second quarter valued at $75,000. Bank of America Corp DE lifted its holdings in 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 acquiring an additional 11,790 shares during the period. Pale Fire Capital SE purchased a new stake in shares of Cybin during the 2nd quarter worth $1,015,000. Finally, Millennium Management LLC boosted its position in shares of Cybin by 1,388.5% during the 4th 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 in the last quarter. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.