Cybin (NASDAQ:HELP) Reaches New 12-Month High – What’s Next?

Cybin Inc. (NASDAQ:HELP) shares hit a new 52-week high on Wednesday . The stock traded as high as $9.40 and last traded at $9.28, with a volume of 3627388 shares. The stock had previously closed at $8.06.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Cybin in a research report on Monday, July 27th. They issued an “overweight” rating and a $16.00 price objective on the stock. TD Cowen assumed coverage on shares of Cybin in a research report on Monday, April 13th. They issued a “buy” rating for the company. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $45.25.

Cybin Price Performance

The stock has a market capitalization of $775.56 million, a price-to-earnings ratio of -2.62 and a beta of 0.55. The company’s 50 day simple moving average is $6.22.

Hedge Funds Weigh In On Cybin

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

About Cybin

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.