Cybin (NASDAQ:HELP) Reaches New 52-Week High – Should You Buy?

Cybin Inc. (NASDAQ:HELP) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $12.05 and last traded at $11.8060, with a volume of 41632 shares trading hands. The stock had previously closed at $11.67.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Cybin in a report on Monday, July 27th. They issued an “overweight” rating and a $16.00 price objective for the company. TD Cowen boosted their price target on shares of Cybin from $8.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $48.60.

Cybin Price Performance

The business has a fifty day moving average of $7.66 and a 200-day moving average of $6.20. The stock has a market capitalization of $911.06 million, a price-to-earnings ratio of -4.13 and a beta of 0.55.

Cybin (NASDAQ:HELP) last posted its quarterly earnings data 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). As a group, research analysts anticipate that Cybin Inc. will post -3.23 EPS for the current year.

Institutional Trading of Cybin

A number of large investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its holdings in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after buying an additional 2,400 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Cybin by 66.8% during the 2nd 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. Finally, Millennium Management LLC boosted its stake in shares of 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 in the last quarter. 17.94% of the stock is currently owned by institutional investors.

Cybin Company Profile

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.