Cybin (NASDAQ:HELP) Issues Earnings Results

Cybin (NASDAQ:HELP) posted its quarterly earnings results on Friday. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.11), FiscalAI reports.

Cybin Stock Performance

Shares of Cybin stock traded up $0.54 during trading on Friday, hitting $11.99. 1,521,382 shares of the company’s stock were exchanged, compared to its average volume of 2,092,962. The stock has a market capitalization of $840.02 million, a price-to-earnings ratio of -2.83 and a beta of 0.55. The business has a 50-day simple moving average of $7.02 and a 200-day simple moving average of $6.06. Cybin has a 52-week low of $3.76 and a 52-week high of $12.03.

Institutional Investors Weigh In On Cybin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised 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 worth $8,414,000 after acquiring an additional 959,448 shares during the period. Bank of America Corp DE grew its position in shares of Cybin by 66.8% during the 2nd 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 during the period. Finally, Osaic Holdings Inc. increased its stake in shares of Cybin by 46.7% in the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after purchasing an additional 2,400 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.