Cybin (NASDAQ:HELP) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Cybin from “sell” to “strong sell,” despite six other analysts rating the stock a Buy with a consensus price target of $46.33.
• Cybin shares opened at $11.70, down 1.8%, while the company reported a quarterly loss of $0.91 per share—worse than the $0.80 consensus estimate.
• Company insiders purchased 688,000 shares worth approximately $8.4 million over the past quarter, and CEO Michael Halstead alone bought 100,000 shares.

Cybin (NASDAQ:HELP - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts have also issued reports on HELP. Wells Fargo & Company initiated coverage on Cybin in a research note on Monday, July 27th. They issued an "overweight" rating and a $16.00 target price on the stock. TD Cowen increased their price target on Cybin from $8.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Finally, Barclays initiated coverage on Cybin in a report on Friday, September 18th. They issued an "overweight" rating and a $35.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $46.33.

Cybin Stock Down 1.8%

Shares of HELP stock opened at $11.70 on Friday. The firm has a market cap of $921.73 million, a P/E ratio of -3.87 and a beta of 0.53. The company has a 50 day moving average of $11.75 and a 200-day moving average of $7.56. Cybin has a 12-month low of $3.76 and a 12-month high of $15.15.

Cybin (NASDAQ:HELP - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.11). As a group, equities analysts expect that Cybin will post -2.95 EPS for the current year.

Insider Buying and Selling at Cybin

In related news, CEO Michael Halstead purchased 100,000 shares of the business's stock in a transaction dated Monday, September 21st. The stock was purchased at an average cost of $13.47 per share, with a total value of $1,347,000.00. Following the completion of the acquisition, the chief executive officer directly owned 168,568 shares of the company's stock, valued at approximately $2,270,610.96. The trade was a 145.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric H. L. So purchased 100,000 shares of Cybin stock in a transaction dated 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 transaction, the insider owned 4,465,014 shares of the company's stock, valued at $55,321,523.46. This represents a 2.29% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 688,000 shares of company stock worth $8,422,830. 15.00% of the stock is owned by insiders.

Institutional Trading of Cybin

A hedge fund recently bought a new position in Cybin stock. AXQ Capital LP bought a new position in Cybin Inc. (NASDAQ:HELP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 11,315 shares of the company's stock, valued at approximately $75,000. 17.94% of the stock is owned by institutional investors and hedge funds.

About Cybin

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.