Cybin (NASDAQ:HELP) Stock Price Down 6.4% – Time to Sell?

Cybin Inc. (NASDAQ:HELP) traded down 6.4% on Monday . The company traded as low as $11.23 and last traded at $10.87. Approximately 210,525 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,124,080 shares. The stock had previously closed at $11.61.

Wall Street Analyst Weigh In

HELP has been the subject of a number of analyst reports. Wells Fargo & Company began coverage on shares of Cybin in a research note on Monday, July 27th. They set an “overweight” rating and a $16.00 price target for the company. TD Cowen assumed coverage on Cybin in a research note on Monday, April 13th. They issued a “buy” rating on the stock. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $45.25.

Cybin Price Performance

The stock’s fifty day simple moving average is $6.37. The firm has a market capitalization of $722.46 million, a PE ratio of -2.44 and a beta of 0.55.

Institutional Trading of Cybin

A number of hedge funds and other institutional investors have recently made changes to their positions in HELP. Bank of America Corp DE raised its holdings in shares of Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after buying an additional 11,790 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Cybin by 1,388.5% during the 4th 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 last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.