Cybin (NASDAQ:HELP) Sees Unusually-High Trading Volume – What’s Next?

Cybin Inc. (NASDAQ:HELP) shares saw an uptick in trading volume on Friday . 2,521,226 shares traded hands during mid-day trading, an increase of 144% from the previous session’s volume of 1,031,826 shares.The stock last traded at $7.2650 and had previously closed at $7.04.

Wall Street Analysts Forecast Growth

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

Cybin Trading Up 2.9%

The firm has a 50 day moving average of $5.16. The stock has a market capitalization of $506.21 million, a price-to-earnings ratio of -1.72 and a beta of 0.62.

Institutional Trading of Cybin

A number of institutional investors have recently bought and sold shares of HELP. Millennium Management LLC grew its holdings in 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 last quarter. Bank of America Corp DE boosted its position 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 worth $247,000 after buying an additional 11,790 shares in the last quarter. Finally, Osaic Holdings Inc. boosted 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 buying an additional 2,400 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.