Insider Buying: Cybin (NASDAQ:HELP) Insider Purchases 100,000 Shares of Stock

Cybin Inc. (NASDAQ:HELP) insider Paul Glavine bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $12.47 per share, for a total transaction of $1,247,000.00. Following the transaction, the insider directly owned 4,271,252 shares in the company, valued at $53,262,512.44. This trade represents a 2.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Paul Glavine also recently made the following trade(s):

• On Thursday, September 3rd, Paul Glavine purchased 100,000 shares of Cybin stock. The stock was bought at an average price of $11.78 per share, with a total value of $1,178,000.00.
• On Monday, August 31st, Paul Glavine purchased 90,000 shares of Cybin stock. The stock was bought at an average cost of $11.59 per share, with a total value of $1,043,100.00.

Cybin Stock Performance

Shares of NASDAQ HELP traded up $0.21 during trading on Friday, hitting $13.05. 356,146 shares of the company traded hands, compared to its average volume of 1,197,092. The business’s fifty day moving average is $9.84 and its 200 day moving average is $6.85. Cybin Inc. has a fifty-two week low of $3.76 and a fifty-two week high of $14.35. The firm has a market capitalization of $986.41 million, a price-to-earnings ratio of -4.32 and a beta of 0.63.

Cybin (NASDAQ:HELP) last issued its earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.11). On average, analysts predict that Cybin Inc. will post -2.95 EPS for the current year.

Hedge Funds Weigh In On Cybin

Several large investors have recently added to or reduced their stakes in HELP. 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 purchasing an additional 2,400 shares in the last quarter. AXQ Capital LP bought a new position in shares of Cybin in the second quarter valued at approximately $75,000. Bank of America Corp DE lifted its holdings in shares of Cybin by 66.8% in 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. Pale Fire Capital SE purchased a new position in shares of Cybin during the second quarter valued at approximately $1,015,000. Finally, Millennium Management LLC boosted its position in shares of Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock valued at $8,414,000 after buying an additional 959,448 shares during the last quarter. Institutional investors own 17.94% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on HELP shares. TD Cowen raised their price objective on Cybin from $8.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Wells Fargo & Company assumed coverage on Cybin in a report on Monday, July 27th. They issued an “overweight” rating and a $16.00 target price on the stock. Finally, Wall Street Zen raised shares of Cybin from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 29th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Cybin currently has a consensus rating of “Buy” and a consensus target price of $48.60.

Cybin News Roundup

Here are the key news stories impacting Cybin this week:

• Positive Sentiment: Insider buying is the primary near-term catalyst. Paul Glavine purchased 100,000 shares for approximately $1.18 million at an average price of $11.78, increasing his holdings by 2.46% to more than 4.17 million shares. He also bought 90,000 shares in late August. Cybin insider purchase report
• Positive Sentiment: Insider Eric H. L. So acquired 100,000 shares for approximately $1.21 million at $12.09 per share, following a 95,000-share purchase earlier in September. The repeated open-market purchases by two insiders may reinforce investor confidence in Cybin’s outlook. SEC insider purchase filing
• Positive Sentiment: Helus Pharma, Cybin’s commercial name, plans to participate in the Morgan Stanley Global Healthcare Conference on September 16, where CEO Michael Halstead is scheduled for a fireside chat. The event could increase visibility into the company’s psychedelic-based mental-health pipeline and upcoming clinical milestones. Morgan Stanley conference announcement
• Neutral Sentiment: The latest short-interest report lists zero shares sold short and a zero-day days-to-cover ratio, but also contains an invalid “NaN” percentage change. As a result, it provides little dependable information about current short-selling pressure.
• Negative Sentiment: Cybin continues to operate at a loss. Its latest quarterly loss of $0.91 per share was wider than the expected $0.80 loss, and analysts forecast a full-year loss of approximately $2.95 per share. The stock’s strong recent advance and lack of a new trial result or regulatory approval could also leave it vulnerable to profit-taking.

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.