Cybin (NASDAQ:HELP) Sees Strong Trading Volume – What’s Next?

Shares of Cybin Inc. (NASDAQ:HELP) saw strong trading volume on Friday . 2,521,226 shares were traded during mid-day trading, an increase of 144% from the previous session’s volume of 1,031,826 shares.The stock last traded at $7.2650 and had previously closed at $7.04.

Analyst Ratings Changes

Separately, TD Cowen assumed coverage on Cybin in a research note on Monday, April 13th. They issued a “buy” rating for the company. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $55.00.

Cybin Price Performance

The firm has a 50-day moving average price of $5.20. The firm has a market capitalization of $506.56 million, a PE ratio of -1.71 and a beta of 0.62.

Institutional Investors Weigh In On Cybin

A number of hedge funds and other institutional investors have recently bought and sold shares of HELP. Bank of America Corp DE increased its stake in shares of 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 purchasing an additional 11,790 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of 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 purchasing an additional 2,400 shares during the last quarter. Finally, Millennium Management LLC boosted 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 purchasing an additional 959,448 shares in the last quarter. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.