Cybin (NASDAQ:HELP) Stock Price Up 7.8% – Should You Buy?

Cybin Inc. (NASDAQ:HELP) shares shot up 7.8% on Friday. The company traded as high as $11.49 and last traded at $11.56. Approximately 720,450 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 1,248,544 shares. The stock had previously closed at $10.72.

Wall Street Analysts Forecast Growth

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

Cybin Stock Performance

The stock has a market capitalization of $929.24 million, a price-to-earnings ratio of -3.87 and a beta of 0.53. The stock has a fifty day simple moving average of $11.99 and a two-hundred day simple moving average of $7.75.

Cybin (NASDAQ:HELP) last released its earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.11). Research analysts forecast that Cybin Inc. will post -2.95 earnings per share for the current year.

Insider Activity at Cybin

In related news, insider Paul Glavine acquired 100,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was bought at an average price 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. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Greg Cavers bought 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The shares were bought 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 in the company, valued at $38,730. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 688,000 shares of company stock worth $8,422,830. Corporate insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Cybin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pale Fire Capital SE acquired a new stake in shares of Cybin in the 2nd quarter valued at about $1,015,000. Farther Finance Advisors LLC raised its stake in 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 during the period. Finally, AXQ Capital LP bought a new position in Cybin in the second quarter worth approximately $75,000. Institutional investors own 17.94% of the company’s stock.

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.