Cybin Sees Unusually High Options Volume (NASDAQ:HELP)

Cybin Inc. (NASDAQ:HELP) was the recipient of unusually large options trading on Wednesday. Traders purchased 13,430 call options on the stock. This is an increase of approximately 805% compared to the typical daily volume of 1,484 call options.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Cybin from a “strong sell” rating to a “sell” rating in a report on Saturday. Barclays started coverage on Cybin in a report on Friday, September 18th. They set an “overweight” rating and a $35.00 price objective for the company. TD Cowen upped their target price on shares of Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. Finally, Wells Fargo & Company initiated coverage on shares of Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 target price on the stock. Six analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $46.33.

Cybin Trading Up 0.6%

Shares of HELP stock traded up $0.07 on Wednesday, reaching $11.01. The company had a trading volume of 297,517 shares, compared to its average volume of 1,268,724. The stock has a market cap of $878.29 million, a PE ratio of -3.65 and a beta of 0.53. The company has a 50-day moving average of $12.16 and a 200-day moving average of $8.10. Cybin has a 12 month low of $3.76 and a 12 month high of $15.15.

Cybin (NASDAQ:HELP) last posted its earnings results 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). Sell-side analysts anticipate that Cybin will post -2.95 earnings per share for the current year.

Insider Transactions at Cybin

In other news, CFO Greg Cavers bought 3,000 shares of the stock in a transaction dated Tuesday, September 29th. The stock was bought 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. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Glavine bought 100,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average cost of $12.47 per share, with a total value of $1,247,000.00. Following the completion of the purchase, the insider directly owned 4,271,252 shares in the company, valued at approximately $53,262,512.44. This trade represents a 2.40% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 688,000 shares of company stock worth $8,422,830 in the last quarter. 15.00% of the stock is owned by corporate insiders.

Institutional Trading of Cybin

A number of large investors have recently made changes to their positions in HELP. WealthPlan Investment Management LLC acquired a new stake in Cybin during the 3rd quarter worth $1,272,000. Farther Finance Advisors LLC lifted its holdings in 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 acquiring an additional 20,597 shares in the last quarter. AXQ Capital LP acquired a new position in Cybin in the second quarter valued at about $75,000. Finally, Pale Fire Capital SE acquired a new position in Cybin in the second quarter valued at about $1,015,000. Institutional investors own 17.94% of the company’s stock.

About Cybin

Cybin Inc is a clinical-stage biotechnology company focused on developing psychedelic-based therapeutics for mental health conditions. The company combines psychedelic compounds with drug-delivery technologies and treatment protocols designed to improve the safety, consistency and duration of psychedelic-assisted therapies.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin therapy being studied for major depressive disorder, and CYB004, an investigational formulation of N,N-dimethyltryptamine (DMT) being evaluated for generalized anxiety disorder.