Cybin (NASDAQ:HELP) Shares Up 6.1% on Analyst Upgrade

Cybin Inc. (NASDAQ:HELP) shares shot up 6.1% on Thursday after TD Cowen raised their price target on the stock from $8.00 to $62.00. TD Cowen currently has a buy rating on the stock. Cybin traded as high as $12.50 and last traded at $12.5040. Approximately 455,491 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 1,156,791 shares. The stock had previously closed at $11.78.

Separately, Wells Fargo & Company initiated coverage on shares of 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, Cybin currently has a consensus rating of “Buy” and an average target price of $48.60.

Institutional Trading of Cybin

A number of institutional investors have recently modified their holdings of HELP. Millennium Management LLC grew its position in shares of Cybin by 1,388.5% in the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after buying an additional 959,448 shares during the last quarter. Osaic Holdings Inc. lifted its position in Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Bank of America Corp DE lifted its position 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 during the last quarter. 17.94% of the stock is currently owned by institutional investors.

Cybin Stock Up 6.1%

The company has a market capitalization of $913.40 million, a price-to-earnings ratio of -3.90 and a beta of 0.55. The company’s 50 day simple moving average is $7.49 and its two-hundred day simple moving average is $6.16.

Cybin (NASDAQ:HELP) last issued its quarterly 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). Analysts anticipate that Cybin Inc. will post -3.17 EPS for the current year.

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.