Cybin (NASDAQ:HELP) Sets New 12-Month High – Time to Buy?

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TD Cowen initiated coverage on Cybin in a research note on Monday, April 13th. They issued a “buy” rating on the stock. Wells Fargo & Company started coverage on Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Cybin presently has a consensus rating of “Buy” and a consensus target price of $45.25.

Cybin Stock Up 15.1%

The business’s 50-day simple moving average is $5.97. The company has a market capitalization of $648.39 million, a price-to-earnings ratio of -2.19 and a beta of 0.55.

Institutional Investors Weigh In On Cybin

A number of large investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of 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 buying an additional 959,448 shares during the period. Bank of America Corp DE lifted its holdings in 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 buying an additional 11,790 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after buying an additional 2,400 shares during the period. Institutional investors own 17.94% of the company’s stock.

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.