Cybin (NASDAQ:HELP) Trading Up 8.3% – Here’s What Happened

Cybin Inc. (NASDAQ:HELP)’s share price was up 8.3% during mid-day trading on Wednesday . The stock traded as high as $11.04 and last traded at $10.9320. 358,975 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 1,137,816 shares. The stock had previously closed at $10.09.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company began coverage on Cybin in a research report on Monday, July 27th. They issued an “overweight” rating and a $16.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $45.25.

Cybin Price Performance

The company has a 50 day simple moving average of $6.58. The company has a market capitalization of $760.93 million, a price-to-earnings ratio of -2.57 and a beta of 0.55.

Hedge Funds Weigh In On Cybin

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