Cybin (NASDAQ:HELP) Stock Jumps 6.5% – Here’s Why

Cybin Inc. (NASDAQ:HELP) rose 6.5% during mid-day trading on Thursday. The stock traded as high as $11.15 and last traded at $11.05. Approximately 1,521,392 shares traded hands during mid-day trading, an increase of 20% from the average session volume of 1,269,231 shares. The stock had previously closed at $10.38.

Analyst Ratings Changes

Several research firms have recently weighed in on HELP. Wall Street Zen cut shares of Cybin from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. TD Cowen lifted their price objective on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Barclays assumed coverage on Cybin in a research report on Friday, September 18th. They set an “overweight” rating and a $35.00 target price for the company. Finally, Wells Fargo & Company initiated coverage on Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. Six investment analysts have rated the stock with a Buy rating. According to MarketBeat.com, Cybin has a consensus rating of “Buy” and an average price target of $46.33.

Cybin Stock Performance

The firm has a market cap of $879.49 million, a P/E ratio of -3.66 and a beta of 0.53. The business has a 50-day simple moving average of $12.16 and a 200 day simple moving average of $7.93.

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

Insider Activity at Cybin

In related news, insider Paul Glavine purchased 100,000 shares of Cybin stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $12.47 per share, for a total transaction of $1,247,000.00. Following the completion of the transaction, the insider directly owned 4,271,252 shares of the company’s stock, valued at $53,262,512.44. This represents a 2.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric H. L. So purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was bought at an average cost of $12.39 per share, with a total value of $1,239,000.00. Following the completion of the purchase, the insider owned 4,465,014 shares of the company’s stock, valued at $55,321,523.46. This represents a 2.29% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 688,000 shares of company stock valued at $8,422,830. 15.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pale Fire Capital SE purchased a new position in shares of Cybin in the 2nd quarter valued at approximately $1,015,000. WealthPlan Investment Management LLC bought a new position in Cybin in the third quarter worth $1,272,000. Farther Finance Advisors LLC lifted its position in Cybin by 927.4% during the third quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock valued at $280,000 after buying an additional 20,597 shares during the period. Finally, AXQ Capital LP purchased a new stake in shares of Cybin in the 2nd quarter worth about $75,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company combines psychedelic compounds with drug-delivery technologies and treatment protocols designed to improve the safety, consistency and duration of psychedelic-assisted therapies.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin therapy being studied for major depressive disorder, and CYB004, an investigational formulation of N,N-dimethyltryptamine (DMT) being evaluated for generalized anxiety disorder.