Cybin (NASDAQ:HELP) Stock Falls 1.1% – Here’s What Happened

by · The Markets Daily

Cybin Inc. (NASDAQ:HELP – Get Free Report) shares dropped 1.1% during trading on Wednesday. The company traded as low as $10.19 and last traded at $10.38. Approximately 1,040,414 shares were traded during trading, a decline of 18% from the average session volume of 1,268,004 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

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

Read Our Latest Stock Analysis on Cybin

Cybin Price Performance

The firm’s fifty day simple moving average is $12.15 and its 200 day simple moving average is $7.97. The company has a market capitalization of $848.83 million, a price-to-earnings ratio of -3.52 and a beta of 0.53.

Cybin (NASDAQ:HELP – Get Free Report) last posted its quarterly 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). Equities research analysts forecast that Cybin Inc. will post -2.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Greg Cavers bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was acquired at an average price of $12.91 per share, for a total transaction of $38,730.00. Following the transaction, the chief financial officer directly owned 3,000 shares of the company’s stock, valued at $38,730. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric H. L. So bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were purchased at an average price of $12.39 per share, with a total value of $1,239,000.00. Following the transaction, the insider directly owned 4,465,014 shares in the company, valued at $55,321,523.46. This represents a 2.29% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 688,000 shares of company stock valued at $8,422,830. 15.00% of the stock is owned by insiders.

Institutional Trading of Cybin

Several hedge funds have recently modified their holdings of the company. WealthPlan Investment Management LLC bought a new position in shares of Cybin in the third quarter valued at approximately $1,272,000. Pale Fire Capital SE acquired a new stake in Cybin during the 2nd quarter valued at $1,015,000. Farther Finance Advisors LLC increased its holdings in Cybin by 927.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock valued at $280,000 after purchasing an additional 20,597 shares in the last quarter. Finally, AXQ Capital LP acquired a new stake in Cybin during the 2nd quarter valued at $75,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

Cybin Company Profile

(Get Free Report)

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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