Cybin (NASDAQ:HELP) Sets New 52-Week High – Should You Buy?

Cybin Inc. (NASDAQ:HELP)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $13.24 and last traded at $13.02, with a volume of 1863160 shares trading hands. The stock had previously closed at $12.59.

Wall Street Analysts Forecast Growth

HELP has been the subject of several research reports. Wells Fargo & Company began coverage on Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 target price for the company. TD Cowen boosted their price target on shares of Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $48.60.

Cybin Price Performance

The stock has a market capitalization of $995.81 million, a P/E ratio of -4.51 and a beta of 0.55. The stock’s fifty day moving average is $8.37 and its two-hundred day moving average is $6.39.

Cybin (NASDAQ:HELP) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.11). Analysts expect that Cybin Inc. will post -2.95 EPS for the current year.

Institutional Investors Weigh In On Cybin

Institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. raised its holdings 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 acquiring an additional 2,400 shares during the period. AXQ Capital LP acquired a new position in Cybin in the 2nd quarter worth approximately $75,000. Bank of America Corp DE boosted 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 during the period. Pale Fire Capital SE purchased a new position in Cybin during the 2nd quarter worth approximately $1,015,000. Finally, Millennium Management LLC grew its position in Cybin by 1,388.5% during the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after purchasing an additional 959,448 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

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.