Cybin (NASDAQ:HELP) Hits New 12-Month High - Still a Buy?

Key Points

• Cybin shares reached a new 52-week high of $12.05 and were last trading near $11.81, substantially above their 50-day and 200-day moving averages.
• Analyst sentiment remains positive: Wells Fargo initiated coverage with an “overweight” rating and a $16 price target, while five analysts rate the stock a Buy. The average price target is $45.25.
• Cybin reported a quarterly loss of $0.91 per share, missing the $0.80 consensus estimate, and analysts expect a full-year loss of $3.17 per share. Institutional investors own 17.94% of the company, with several hedge funds recently increasing their positions.

Cybin Inc. (NASDAQ:HELP - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $12.05 and last traded at $11.8060, with a volume of 41632 shares traded. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company initiated coverage on Cybin in a report on Monday, July 27th. They issued an "overweight" rating and a $16.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Cybin currently has an average rating of "Buy" and an average price target of $45.25.

Cybin Price Performance

The stock has a market capitalization of $819.70 million, a PE ratio of -3.63 and a beta of 0.55. The company's 50 day moving average price is $7.33 and its two-hundred day moving average price is $6.12.

Cybin (NASDAQ:HELP - Get Free Report) last released its quarterly earnings data 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 Inc. will post -3.17 earnings per share for the current year.

Hedge Funds Weigh In On Cybin

A number of hedge funds and other institutional investors have recently bought and sold shares of HELP. Osaic Holdings Inc. grew its holdings in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock valued at $63,000 after purchasing an additional 2,400 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company's stock valued at $247,000 after buying an additional 11,790 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Cybin by 1,388.5% in the 4th quarter. Millennium Management LLC now owns 1,028,549 shares of the company's stock valued at $8,414,000 after buying an additional 959,448 shares during the last quarter. 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 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.

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