Cybin (NASDAQ:HELP) Earns Overweight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Cybin (NASDAQ:HELP) in a research note published on Monday, MarketBeat Ratings reports. The firm issued an overweight rating and a $16.00 price objective on the stock.

Separately, TD Cowen initiated coverage on shares of Cybin in a research note on Monday, April 13th. They issued a “buy” rating for the company. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Cybin presently has an average rating of “Buy” and a consensus price target of $45.25.

Cybin Stock Up 4.1%

Shares of NASDAQ:HELP opened at $7.91 on Monday. The firm has a market cap of $552.67 million, a P/E ratio of -1.87 and a beta of 0.62. The company has a 50 day moving average price of $5.67. Cybin has a fifty-two week low of $3.76 and a fifty-two week high of $9.12.

Hedge Funds Weigh In On Cybin

Several hedge funds and other institutional investors have recently modified their holdings of HELP. Osaic Holdings Inc. lifted 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 worth $63,000 after purchasing an additional 2,400 shares during the period. Bank of America Corp DE boosted its stake in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after purchasing an additional 11,790 shares during the last quarter. Finally, 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 worth $8,414,000 after buying an additional 959,448 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.