Cybin (NASDAQ:HELP) Shares Gap Up – Here’s What Happened

Shares of Cybin Inc. (NASDAQ:HELP) gapped up before the market opened on Thursday . The stock had previously closed at $6.51, but opened at $6.93. Cybin shares last traded at $7.32, with a volume of 809,406 shares.

Wall Street Analysts Forecast Growth

Separately, TD Cowen began coverage on Cybin in a research note on Monday, April 13th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $55.00.

Cybin Stock Up 12.2%

The stock has a market capitalization of $510.40 million, a P/E ratio of -1.73 and a beta of 0.62. The firm has a 50 day moving average price of $5.13.

Cybin (NASDAQ:HELP) last posted its quarterly earnings data on Monday, June 29th. The company reported $0.00 earnings per share for the quarter. On average, equities analysts anticipate that Cybin Inc. will post -3.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HELP. Millennium Management LLC grew its position in shares of Cybin by 1,388.5% in the fourth 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 period. Bank of America Corp DE lifted its position in Cybin by 66.8% during 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 position in Cybin by 46.7% during 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. Hedge funds and other 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.