Barclays Initiates Coverage on Cybin (NASDAQ:HELP)

Equities researchers at Barclays began coverage on shares of Cybin (NASDAQ:HELP) in a report issued on Friday, Benzinga reports. The firm set an “overweight” rating and a $35.00 price target on the stock. Barclays‘s price objective indicates a potential upside of 182.28% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. TD Cowen increased 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. Wells Fargo & Company assumed coverage on shares of Cybin in a research report on Monday, July 27th. They set an “overweight” rating and a $16.00 price target on the stock. Finally, Wall Street Zen upgraded Cybin from a “strong sell” rating to a “sell” rating in a report on Saturday, August 29th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $46.33.

Cybin Trading Down 11.6%

NASDAQ:HELP traded down $1.62 on Friday, reaching $12.40. 4,029,520 shares of the stock traded hands, compared to its average volume of 1,228,177. The firm has a market capitalization of $937.51 million, a price-to-earnings ratio of -4.10 and a beta of 0.63. The company’s 50 day moving average is $10.56 and its 200-day moving average is $7.06. Cybin has a 1-year low of $3.76 and a 1-year high of $15.15.

Cybin (NASDAQ:HELP) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.11). On average, equities research analysts forecast that Cybin will post -2.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 of the company’s stock, valued at approximately $53,262,512.44. The trade was a 2.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric H. L. So purchased 100,000 shares of Cybin stock in a transaction on Tuesday, September 8th. The stock was bought at an average price of $12.39 per share, with a total value of $1,239,000.00. Following the completion of the acquisition, the insider directly owned 4,465,014 shares of the company’s stock, valued at approximately $55,321,523.46. This trade represents a 2.29% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 585,000 shares of company stock worth $7,037,100 over the last 90 days. Company insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Cybin

An institutional investor recently bought a new position in Cybin stock. Pale Fire Capital SE bought a new stake in Cybin Inc. (NASDAQ:HELP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 153,505 shares of the company’s stock, valued at approximately $1,015,000. Pale Fire Capital SE owned approximately 0.21% of Cybin at the end of the most recent reporting period. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

About Cybin

Cybin Inc is a clinical-stage biopharmaceutical company focused on developing psychedelic-based therapeutics for the treatment of mental health conditions. The company combines drug discovery, clinical development and proprietary formulation technologies to design potentially more efficient and scalable psychedelic treatments.

Cybin’s development programs have included CYB003, an investigational deuterated psilocybin analog being studied for major depressive disorder, and CYB004, an investigational deuterated DMT molecule being evaluated for generalized anxiety disorder and other mental health indications.