Cybin (NASDAQ:HELP) Stock Price Up 8.3% – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

Cybin Stock Down 0.3%

The business has a 50-day moving average price of $6.87 and a 200-day moving average price of $6.02. The firm has a market capitalization of $800.01 million, a price-to-earnings ratio of -2.71 and a beta of 0.55.

Institutional Investors Weigh In On Cybin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted 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 acquiring an additional 2,400 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Cybin by 66.8% during the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after acquiring an additional 11,790 shares in the last quarter. Finally, Millennium Management LLC increased its holdings 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 acquiring an additional 959,448 shares in the last quarter. 17.94% of the stock is currently owned by hedge funds and other 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.