Cybin (NASDAQ:HELP) Stock Price Up 10.9% – Time to Buy?

Shares of Cybin Inc. (NASDAQ:HELP) rose 10.9% during mid-day trading on Tuesday . The stock traded as high as $8.85 and last traded at $8.9420. Approximately 653,158 shares changed hands during trading, a decline of 39% from the average daily volume of 1,077,119 shares. The stock had previously closed at $8.06.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on HELP. Wells Fargo & Company assumed coverage on Cybin in a research report on Monday, July 27th. They issued an “overweight” rating and a $16.00 target price for the company. TD Cowen began coverage on shares of Cybin in a research report on Monday, April 13th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Cybin has a consensus rating of “Buy” and a consensus target price of $45.25.

Cybin Stock Performance

The firm’s 50 day moving average price is $6.09. The company has a market capitalization of $793.07 million, a PE ratio of -2.67 and a beta of 0.55.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HELP. Osaic Holdings Inc. increased its stake in shares of Cybin by 46.7% in the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares in the last quarter. Bank of America Corp DE boosted its stake in 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 acquiring an additional 11,790 shares in the last quarter. Finally, Millennium Management LLC grew its holdings 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. 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 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.