Cybin Inc. (NASDAQ:HELP – Get Free Report)’s share price dropped 4.5% during trading on Friday. The company traded as low as $10.38 and last traded at $10.55. Approximately 1,310,234 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 1,269,631 shares. The stock had previously closed at $11.05.
Wall Street Analyst Weigh In
A number of research firms have issued reports on HELP. Wells Fargo & Company started coverage on Cybin in a research note on Monday, July 27th. They issued an “overweight” rating and a $16.00 target price on the stock. Barclays initiated coverage on Cybin in a research report on Friday, September 18th. They issued an “overweight” rating and a $35.00 target price for the company. Wall Street Zen lowered Cybin from a “sell” rating to a “strong sell” rating in a report on Saturday, October 3rd. Finally, TD Cowen raised their target price on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $46.33.
View Our Latest Report on HELP
Cybin Trading Down 4.5%
The company has a market cap of $839.67 million, a price-to-earnings ratio of -3.49 and a beta of 0.53. The business has a 50-day moving average price of $12.15 and a 200 day moving average price of $7.97.
Cybin (NASDAQ:HELP – Get Free Report) last issued its 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, analysts anticipate that Cybin Inc. will post -2.95 earnings per share for the current year.
Insider Activity
In other news, CFO Greg Cavers bought 3,000 shares of the business’s stock in a transaction on Tuesday, September 29th. The shares were bought at an average cost of $12.91 per share, with a total value of $38,730.00. Following the purchase, the chief financial officer directly owned 3,000 shares in the company, valued at $38,730. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Glavine bought 100,000 shares of Cybin stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average price of $12.47 per share, with a total value of $1,247,000.00. Following the acquisition, the insider directly owned 4,271,252 shares of the company’s stock, valued at approximately $53,262,512.44. This represents a 2.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 688,000 shares of company stock valued at $8,422,830. 15.00% of the stock is currently owned by insiders.
Institutional Trading of Cybin
Institutional investors have recently made changes to their positions in the stock. AXQ Capital LP acquired a new stake in Cybin in the second quarter valued at $75,000. Farther Finance Advisors LLC raised its holdings in shares of Cybin by 927.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock worth $280,000 after buying an additional 20,597 shares in the last quarter. WealthPlan Investment Management LLC bought a new position in Cybin in the third quarter valued at about $1,272,000. Finally, Pale Fire Capital SE acquired a new position in Cybin in the 2nd quarter valued at approximately $1,015,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.
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.
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