Cybin (NASDAQ:HELP) Stock Price Down 4.8% – What’s Next?

Cybin Inc. (NASDAQ:HELP)’s share price dropped 4.8% during trading on Tuesday. The company traded as low as $9.97 and last traded at $10.50. 3,163,543 shares were traded during mid-day trading, an increase of 149% from the average daily volume of 1,269,110 shares. The stock had previously closed at $11.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Barclays began coverage on Cybin in a report on Friday, September 18th. They issued an “overweight” rating and a $35.00 target price on the stock. TD Cowen boosted their target price 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 began coverage on Cybin in a research note on Monday, July 27th. They issued an “overweight” rating and a $16.00 price target for the company. Finally, Wall Street Zen cut shares of Cybin from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. Six research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $46.33.

Cybin Price Performance

The firm has a market cap of $826.16 million, a P/E ratio of -3.44 and a beta of 0.53. The company’s 50 day moving average is $12.16 and its two-hundred day moving average is $7.93.

Cybin (NASDAQ:HELP) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.11). Research analysts predict that Cybin Inc. will post -2.95 EPS for the current year.

Insider Activity

In related news, insider Paul Glavine purchased 100,000 shares of Cybin stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired 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 approximately $53,262,512.44. This represents a 2.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Halstead acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was bought at an average price of $13.47 per share, with a total value of $1,347,000.00. Following the transaction, the chief executive officer directly owned 168,568 shares in the company, valued at $2,270,610.96. The trade was a 145.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 688,000 shares of company stock worth $8,422,830. Company insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Cybin

Several large investors have recently bought and sold shares of HELP. Farther Finance Advisors LLC grew its holdings in shares of Cybin by 927.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company’s stock valued at $280,000 after buying an additional 20,597 shares during the period. AXQ Capital LP acquired a new position in shares of Cybin during the 2nd quarter worth approximately $75,000. Finally, Pale Fire Capital SE bought a new position in shares of Cybin in the second quarter valued at $1,015,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

Cybin Company Profile

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.