Cybin (NASDAQ:HELP) Trading Up 1.3% – Still a Buy?

Cybin Inc. (NASDAQ:HELP)’s share price was up 1.3% during mid-day trading on Friday . The stock traded as high as $4.58 and last traded at $4.55. Approximately 384,651 shares traded hands during trading, a decline of 47% from the average daily volume of 725,535 shares. The stock had previously closed at $4.49.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HELP. Jefferies Financial Group initiated coverage on shares of Cybin in a report on Monday, February 2nd. They issued a “buy” rating and a $22.00 price target on the stock. TD Cowen began coverage on Cybin in a research note on Monday, April 13th. They issued a “buy” rating on the stock. Finally, HC Wainwright upped their price objective on Cybin from $55.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin currently has an average rating of “Buy” and an average price target of $58.75.

Cybin Stock Performance

The business has a 50-day simple moving average of $5.00. The firm has a market cap of $234.92 million, a P/E ratio of -1.08 and a beta of 0.80.

Hedge Funds Weigh In On Cybin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. lifted its position in 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 purchasing an additional 2,400 shares during the last quarter. Bank of America Corp DE grew its holdings 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 worth $247,000 after purchasing an additional 11,790 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Cybin by 1,388.5% in 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 during the period. 17.94% of the stock is currently owned by institutional investors.

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.