Cybin (NASDAQ:HELP) Stock Price Down 4.5% – Here’s What Happened

Cybin Inc. (NASDAQ:HELP)’s share price traded down 4.5% during mid-day trading on Monday . The company traded as low as $11.63 and last traded at $11.6280. 202,596 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,183,181 shares. The stock had previously closed at $12.18.

Wall Street Analyst Weigh In

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

Cybin Stock Down 6.5%

The stock has a fifty day moving average of $8.69 and a 200-day moving average of $6.48. The stock has a market capitalization of $832.15 million, a price-to-earnings ratio of -3.77 and a beta of 0.55.

Cybin (NASDAQ:HELP) last announced its quarterly 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, equities analysts forecast that Cybin Inc. will post -2.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Cybin

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. grew 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 worth $63,000 after purchasing an additional 2,400 shares during the last quarter. AXQ Capital LP acquired a new stake in shares of Cybin in the 2nd quarter valued at about $75,000. Bank of America Corp DE grew its stake in Cybin by 66.8% during the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock worth $247,000 after buying an additional 11,790 shares during the last quarter. Pale Fire Capital SE purchased a new position in Cybin during the 2nd quarter worth approximately $1,015,000. Finally, Millennium Management LLC increased its position in Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after buying an additional 959,448 shares during the period. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.