Cybin (NASDAQ:HELP) Shares Down 5.6% – Here’s What Happened
by Danessa Lincoln · The Markets DailyCybin Inc. (NASDAQ:HELP – Get Free Report)’s stock price dropped 5.6% during trading on Tuesday. The stock traded as low as $10.53 and last traded at $10.4130. Approximately 96,798 shares traded hands during trading, a decline of 92% from the average daily volume of 1,253,279 shares. The stock had previously closed at $11.03.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. TD Cowen increased their target price 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 started coverage on Cybin in a research note on Monday, July 27th. They issued an “overweight” rating and a $16.00 price target on the stock. Barclays started coverage on Cybin in a research report on Friday, September 18th. They set an “overweight” rating and a $35.00 price target for the company. Finally, Wall Street Zen downgraded Cybin from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. Six analysts have rated the stock with a Buy rating. According to MarketBeat.com, Cybin presently has an average rating of “Buy” and a consensus price target of $46.33.
Read Our Latest Analysis on Cybin
Cybin Stock Performance
The company has a market cap of $830.36 million, a PE ratio of -3.45 and a beta of 0.53. The firm’s 50 day moving average is $12.13 and its 200-day moving average is $7.85.
Cybin (NASDAQ:HELP – Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). On average, analysts predict that Cybin Inc. will post -2.95 EPS for the current year.
Insider Buying and Selling
In related news, CFO Greg Cavers acquired 3,000 shares of Cybin stock in a transaction that occurred on Tuesday, September 29th. The shares were purchased at an average price of $12.91 per share, for a total transaction of $38,730.00. Following the completion of the transaction, the chief financial officer owned 3,000 shares in the company, valued at $38,730. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Glavine acquired 100,000 shares of the stock in a transaction on Tuesday, September 8th. The shares were bought at an average cost of $12.47 per share, for a total transaction of $1,247,000.00. Following the purchase, the insider directly owned 4,271,252 shares of the company’s stock, valued at $53,262,512.44. The trade was a 2.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 688,000 shares of company stock worth $8,422,830 in the last three months. Company insiders own 15.00% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. Pale Fire Capital SE purchased a new stake in shares of Cybin in the second quarter valued at about $1,015,000. Farther Finance Advisors LLC increased 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 worth $280,000 after purchasing an additional 20,597 shares during the last quarter. Finally, AXQ Capital LP purchased a new position in Cybin during the second quarter worth about $75,000. Institutional investors and hedge funds own 17.94% of the company’s stock.
About Cybin
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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