Cybin (NASDAQ:HELP) Now Covered by Barclays

Key Points

• Barclays initiated coverage of Cybin with an “overweight” rating and a $35 price target, implying 182.28% upside from the prior close.
• Cybin shares fell 11.6% to $12.40, while the stock maintains a consensus “Buy” rating and an average analyst target of $46.33.
• Insiders bought 585,000 shares worth approximately $7.0 million during the last quarter, while the company continues developing psychedelic-based treatments for mental health conditions.

Equities research analysts at Barclays initiated coverage on shares of Cybin (NASDAQ:HELP - Get Free Report) in a research note issued on Friday, Benzinga reports. The brokerage set an "overweight" rating and a $35.00 price target on the stock. Barclays's price objective points to a potential upside of 182.28% from the company's previous close.

A number of other research firms have also recently weighed in on HELP. Wall Street Zen raised shares of Cybin from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. Wells Fargo & Company assumed 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, TD Cowen raised their price objective on Cybin from $8.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $46.33.

Cybin Trading Down 11.6%

NASDAQ HELP traded down $1.62 during trading on Friday, hitting $12.40. 4,029,520 shares of the company's stock were exchanged, compared to its average volume of 1,228,177. The company has a market cap of $937.51 million, a PE ratio of -4.10 and a beta of 0.63. Cybin has a fifty-two week low of $3.76 and a fifty-two week high of $15.15. The stock's 50 day moving average price is $10.56 and its two-hundred day moving average price is $7.06.

Cybin (NASDAQ:HELP - Get Free Report) 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). Analysts forecast that Cybin will post -2.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cybin news, insider Eric H. L. So bought 100,000 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following the transaction, the insider directly owned 4,465,014 shares in the company, valued at approximately $55,321,523.46. This represents a 2.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Glavine bought 100,000 shares of Cybin stock in a transaction on Tuesday, September 8th. The shares were acquired at an average cost of $12.47 per share, for a total transaction of $1,247,000.00. Following the completion of the acquisition, the insider directly owned 4,271,252 shares in the company, valued at approximately $53,262,512.44. The trade was a 2.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 585,000 shares of company stock valued at $7,037,100. 15.00% of the stock is owned by company insiders.

Institutional Trading of Cybin

An institutional investor recently bought a new stake in Cybin stock. AXQ Capital LP bought a new position in shares of Cybin Inc. (NASDAQ:HELP - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,315 shares of the company's stock, valued at approximately $75,000. Institutional investors own 17.94% of the company's stock.

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.

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