Cybin (NASDAQ:HELP) Stock Price Target Raised at Wells Fargo & Company

Cybin (NASDAQ:HELP) had its target price upped by equities research analysts at Wells Fargo & Company from $16.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company’s target price would indicate a potential upside of 95.69% from the stock’s current price.

A number of other brokerages have also recently commented on HELP. Wall Street Zen upgraded Cybin from a “strong sell” rating to a “sell” rating in a report on Saturday, October 17th. Barclays initiated coverage on Cybin in a research report on Friday, September 18th. They set an “overweight” rating and a $35.00 price target for the company. Finally, TD Cowen boosted their price target on Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Six analysts have rated the stock with a Buy rating. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $47.33.

Cybin Stock Performance

NASDAQ:HELP traded up $0.46 during mid-day trading on Thursday, hitting $11.24. 609,894 shares of the company’s stock traded hands, compared to its average volume of 1,268,132. The firm’s 50 day simple moving average is $12.15 and its 200 day simple moving average is $8.14. Cybin has a 1 year low of $3.76 and a 1 year high of $15.15. The company has a market cap of $897.22 million, a PE ratio of -3.72 and a beta of 0.53.

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

Insider Activity

In other news, CFO Greg Cavers bought 3,000 shares of the stock in a transaction on Tuesday, September 29th. The stock was purchased at an average cost of $12.91 per share, with a total value of $38,730.00. Following the purchase, the chief financial officer owned 3,000 shares of the company’s stock, valued at approximately $38,730. The trade was a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric H. L. So bought 100,000 shares of the stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $12.39 per share, with a total value of $1,239,000.00. Following the completion of the purchase, the insider directly owned 4,465,014 shares in the company, valued at $55,321,523.46. This trade represents a 2.29% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 688,000 shares of company stock worth $8,422,830. 15.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. AXQ Capital LP purchased a new position in shares of Cybin during the 2nd quarter worth $75,000. Farther Finance Advisors LLC boosted its holdings in shares of 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 purchasing an additional 20,597 shares during the last quarter. WealthPlan Investment Management LLC purchased a new stake in shares of Cybin in the third quarter valued at $1,272,000. Finally, Pale Fire Capital SE purchased a new stake in shares of Cybin in the second quarter valued at $1,015,000. 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 developing psychedelic-based therapeutics for mental health conditions. The company’s research programs are designed to address disorders such as major depressive disorder and other conditions where existing treatments may not provide adequate relief.

Cybin’s development platform has included investigational compounds such as CYB003, a deuterated psilocybin analog being studied for depression, and CYB004, an investigational N,N-dimethyltryptamine (DMT) formulation being evaluated for potential use in mental health treatment.