Cybin (NASDAQ:HELP) Sees Strong Trading Volume – Time to Buy?

Cybin Inc. (NASDAQ:HELP) saw unusually-strong trading volume on Friday . Approximately 2,521,226 shares traded hands during mid-day trading, an increase of 144% from the previous session’s volume of 1,031,826 shares.The stock last traded at $7.2650 and had previously closed at $7.04.

Analysts Set New Price Targets

Separately, TD Cowen started coverage on Cybin in a research report on Monday, April 13th. They set a “buy” rating for the company. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $55.00.

Cybin Trading Up 2.9%

The company has a market capitalization of $506.21 million, a price-to-earnings ratio of -1.72 and a beta of 0.62. The company’s 50 day simple moving average is $5.16.

Institutional Investors Weigh In On Cybin

Several hedge funds have recently modified their holdings of HELP. Millennium Management LLC grew its holdings in shares of Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after buying an additional 959,448 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after buying an additional 2,400 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after buying an additional 11,790 shares during the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

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.