Canaccord Genuity Group Cuts Cybin (NASDAQ:HELP) Price Target to $42.00

Cybin (NASDAQ:HELP) had its price objective cut by Canaccord Genuity Group from $45.00 to $42.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Separately, TD Cowen began coverage on shares of Cybin in a research note on Monday, April 13th. They issued a “buy” rating for the company. Five 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 $51.75.

Cybin Stock Down 0.5%

NASDAQ HELP opened at $6.58 on Wednesday. The firm has a market capitalization of $339.78 million, a P/E ratio of -1.53 and a beta of 0.74. Cybin has a twelve month low of $3.76 and a twelve month high of $9.16. The firm has a fifty day moving average of $4.91.

Cybin (NASDAQ:HELP) last posted its quarterly earnings data on Monday, June 29th. The company reported $999.00 EPS for the quarter. Sell-side analysts anticipate that Cybin will post -3.98 earnings per share for the current year.

Hedge Funds Weigh In On Cybin

A number of hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. raised its position in shares of Cybin by 46.7% during 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. Bank of America Corp DE lifted its stake in Cybin by 66.8% in the 2nd 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 in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Cybin by 1,388.5% during the 4th 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 last quarter. 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.