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

Cybin Inc. (NASDAQ:HELP)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $15.15 and last traded at $13.29, with a volume of 758703 shares traded. The stock had previously closed at $14.02.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HELP. TD Cowen lifted their price objective on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Wells Fargo & Company initiated coverage on Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. Finally, Wall Street Zen upgraded shares of Cybin from a “strong sell” rating to a “sell” rating in a report on Saturday, August 29th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin currently has a consensus rating of “Buy” and a consensus price target of $48.60.

Cybin Trading Down 7.2%

The stock has a market cap of $983.71 million, a P/E ratio of -4.33 and a beta of 0.63. The stock has a 50 day simple moving average of $10.56 and a 200 day simple moving average of $7.06.

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

Insider Activity

In other news, insider Eric H. L. So acquired 100,000 shares of Cybin stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following the completion of the purchase, the insider directly owned 4,465,014 shares of the company’s stock, valued at approximately $55,321,523.46. This represents a 2.29% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Glavine bought 100,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $12.47 per share, for a total transaction of $1,247,000.00. Following the completion of the acquisition, the insider owned 4,271,252 shares in the company, valued at approximately $53,262,512.44. This trade represents a 2.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 585,000 shares of company stock valued at $7,037,100 in the last ninety days. 15.00% of the stock is currently owned by company insiders.

Institutional Trading of Cybin

An institutional investor recently bought a new position in Cybin stock. Pale Fire Capital SE acquired a new stake in Cybin Inc. (NASDAQ:HELP) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 153,505 shares of the company’s stock, valued at approximately $1,015,000. Pale Fire Capital SE owned about 0.21% of Cybin at the end of the most recent reporting period. Hedge funds and other institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biopharmaceutical company focused on developing psychedelic-based therapeutics for the treatment of mental health conditions. The company combines drug discovery, clinical development and proprietary formulation technologies to design potentially more efficient and scalable psychedelic treatments.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin analog being studied for major depressive disorder, and CYB004, an investigational deuterated DMT molecule being evaluated for generalized anxiety disorder and other mental health indications.