Cybin (NASDAQ:HELP) Shares Down 4.5% – What’s Next?

Cybin Inc. (NASDAQ:HELP)’s share price traded down 4.5% during trading on Friday. The stock traded as low as $10.38 and last traded at $10.55. 1,310,234 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 1,269,631 shares. The stock had previously closed at $11.05.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen raised Cybin from a “strong sell” rating to a “sell” rating in a research report on Saturday. Wells Fargo & Company initiated 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. TD Cowen raised their price objective on Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Finally, Barclays started coverage on Cybin in a research note on Friday, September 18th. They set an “overweight” rating and a $35.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $46.33.

Cybin Stock Down 4.5%

The stock has a market capitalization of $841.97 million, a price-to-earnings ratio of -3.49 and a beta of 0.53. The company’s 50-day simple moving average is $12.13 and its 200 day simple moving average is $7.99.

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

Insider Activity

In other Cybin news, CFO Greg Cavers acquired 3,000 shares of Cybin stock in a transaction dated Tuesday, September 29th. The stock was bought at an average cost of $12.91 per share, with a total value of $38,730.00. Following the completion of the transaction, the chief financial officer owned 3,000 shares of the company’s stock, valued at $38,730. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric H. L. So purchased 100,000 shares of Cybin stock in a transaction on Tuesday, September 8th. The stock was bought at an average cost of $12.39 per share, with a total value of $1,239,000.00. Following the completion of the acquisition, the insider owned 4,465,014 shares in the company, valued at approximately $55,321,523.46. This trade represents a 2.29% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 688,000 shares of company stock worth $8,422,830 in the last 90 days. Insiders own 15.00% of the company’s stock.

Institutional Trading of Cybin

A number of hedge funds have recently modified their holdings of HELP. WealthPlan Investment Management LLC bought a new position in Cybin in the third quarter worth $1,272,000. Farther Finance Advisors LLC boosted its stake in Cybin by 927.4% during the third quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock worth $280,000 after buying an additional 20,597 shares in the last quarter. AXQ Capital LP acquired a new stake in Cybin during the second quarter worth $75,000. Finally, Pale Fire Capital SE bought a new stake in Cybin in the 2nd quarter valued at $1,015,000. Institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company combines psychedelic compounds with drug-delivery technologies and treatment protocols designed to improve the safety, consistency and duration of psychedelic-assisted therapies.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin therapy being studied for major depressive disorder, and CYB004, an investigational formulation of N,N-dimethyltryptamine (DMT) being evaluated for generalized anxiety disorder.