Cybin (NASDAQ:HELP) Stock Price Target Raised at Wells Fargo & Company

Key Points

• Wells Fargo raised Cybin’s price target from $16 to $22 and maintained an “overweight” rating, implying approximately 95.7% upside from the stock’s reported $11.24 price.
• Analyst sentiment is broadly positive: six analysts rate Cybin a Buy, with a consensus rating of “Buy” and an average price target of $47.33. However, the company reported a quarterly EPS loss of $0.91, missing estimates of a $0.80 loss.
• Cybin insiders purchased 688,000 shares worth about $8.4 million during the latest quarter, while insiders own 15% of the company; the clinical-stage biotech is developing psychedelic-based treatments for mental health conditions.

Cybin (NASDAQ:HELP - Get Free Report) had its price objective upped by equities researchers at Wells Fargo & Company from $16.00 to $22.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 95.69% from the stock's current price.

A number of other equities research analysts have also weighed in on HELP. Barclays started coverage on Cybin in a report on Friday, September 18th. They issued an "overweight" rating and a $35.00 price objective on the stock. TD Cowen increased their target price on Cybin from $8.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Finally, Wall Street Zen raised Cybin from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 17th. Six analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Cybin currently has a consensus rating of "Buy" and a consensus price target of $47.33.

Cybin Trading Up 4.3%

Shares of NASDAQ:HELP traded up $0.46 during midday trading on Thursday, hitting $11.24. The stock had a trading volume of 609,894 shares, compared to its average volume of 1,268,132. The company has a market capitalization of $897.22 million, a PE ratio of -3.72 and a beta of 0.53. The stock has a 50 day moving average price of $12.15 and a two-hundred day moving average price of $8.14. Cybin has a 1 year low of $3.76 and a 1 year high of $15.15.

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

Insider Activity at Cybin

In related news, insider Eric H. L. So acquired 100,000 shares of Cybin stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average price of $12.39 per share, for a total transaction of $1,239,000.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Greg Cavers acquired 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 29th. The shares were bought at an average cost of $12.91 per share, for a total transaction of $38,730.00. Following the acquisition, the chief financial officer owned 3,000 shares of the company's stock, valued at $38,730. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 688,000 shares of company stock valued at $8,422,830. Company insiders own 15.00% of the company's stock.

Institutional Investors Weigh In On Cybin

Several institutional investors have recently modified their holdings of the company. WealthPlan Investment Management LLC acquired a new stake in shares of Cybin in the 3rd quarter worth approximately $1,272,000. Farther Finance Advisors LLC increased its stake in Cybin by 927.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company's stock valued at $280,000 after purchasing an additional 20,597 shares in the last quarter. AXQ Capital LP acquired a new position in Cybin during the second quarter worth $75,000. Finally, Pale Fire Capital SE acquired a new position in Cybin during the second quarter worth $1,015,000. 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 developing psychedelic-based therapeutics for mental health conditions. The company's research programs are designed to address disorders such as major depressive disorder and other conditions where existing treatments may not provide adequate relief.

Cybin's development platform has included investigational compounds such as CYB003, a deuterated psilocybin analog being studied for depression, and CYB004, an investigational N,N-dimethyltryptamine (DMT) formulation being evaluated for potential use in mental health treatment.

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