Cybin (NASDAQ:HELP) Reaches New 1-Year High – Here’s Why

Cybin Inc. (NASDAQ:HELP)’s share price reached a new 52-week high on Thursday . The company traded as high as $11.90 and last traded at $11.7590, with a volume of 52241 shares changing hands. The stock had previously closed at $11.49.

Analyst Ratings Changes

Separately, Wells Fargo & Company initiated coverage on shares of Cybin in a report on Monday, July 27th. They set an “overweight” rating and a $16.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Cybin has a consensus rating of “Buy” and an average price target of $45.25.

Cybin Trading Up 2.8%

The business has a fifty day moving average price of $6.73. The company has a market capitalization of $825.51 million, a price-to-earnings ratio of -2.81 and a beta of 0.55.

Hedge Funds Weigh In On Cybin

Large investors have recently modified their holdings of the company. Bank of America Corp DE grew its stake in Cybin by 66.8% during the second 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 in the last quarter. Osaic Holdings Inc. increased 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 period. Finally, Millennium Management LLC increased 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 period. 17.94% of the stock is currently owned by institutional investors.

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.