Cybin (NASDAQ:HELP) Trading Up 1.3% – Still a Buy?

Cybin Inc. (NASDAQ:HELP)’s share price was up 1.3% during mid-day trading on Friday . The company traded as high as $4.58 and last traded at $4.55. Approximately 384,651 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 725,535 shares. The stock had previously closed at $4.49.

Analysts Set New Price Targets

HELP has been the subject of several recent analyst reports. HC Wainwright upped their price objective on shares of Cybin from $55.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Jefferies Financial Group started coverage on Cybin in a report on Monday, February 2nd. They set a “buy” rating and a $22.00 price target on the stock. Finally, TD Cowen assumed coverage on Cybin in a research report on Monday, April 13th. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $58.75.

Cybin Stock Up 1.3%

The business’s 50-day simple moving average is $5.00. The company has a market capitalization of $234.92 million, a price-to-earnings ratio of -1.08 and a beta of 0.80.

Hedge Funds Weigh In On Cybin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in Cybin by 1,388.5% in 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. Bank of America Corp DE grew its holdings in shares of 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 acquiring an additional 11,790 shares during the period. Finally, Osaic Holdings Inc. grew its holdings in shares of 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 acquiring an additional 2,400 shares during the period. Hedge funds and other institutional investors own 17.94% of the company’s stock.

About Cybin

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.