Cybin Sees Unusually High Options Volume (NASDAQ:HELP)

Key Points

• Cybin saw an 805% surge in call-option activity, with traders purchasing 13,430 calls versus an average daily volume of 1,484.
• Analysts remain broadly bullish: six analysts rate the stock “Buy,” with a consensus price target of $46.33, substantially above its recent price of $11.01.
• Insiders have been buying shares, acquiring 688,000 shares worth approximately $8.4 million over the past 90 days; insiders own 15% of the company.

Cybin Inc. (NASDAQ:HELP - Get Free Report) was the target of unusually large options trading on Wednesday. Traders bought 13,430 call options on the stock. This represents an increase of approximately 805% compared to the average daily volume of 1,484 call options.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HELP. Wells Fargo & Company started coverage on Cybin in a report on Monday, July 27th. They set an "overweight" rating and a $16.00 price objective for the company. TD Cowen upped their target price on shares of Cybin from $8.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Barclays initiated coverage on shares of Cybin in a research report on Friday, September 18th. They set an "overweight" rating and a $35.00 target price for the company. Finally, Wall Street Zen upgraded shares of Cybin from a "strong sell" rating to a "sell" rating in a research report on Saturday. Six analysts have rated the stock with a Buy rating. According to MarketBeat.com, Cybin presently has an average rating of "Buy" and a consensus target price of $46.33.

Cybin Stock Up 0.6%

HELP stock traded up $0.07 during midday trading on Wednesday, reaching $11.01. 297,517 shares of the company's stock traded hands, compared to its average volume of 1,268,724. The company has a 50-day simple moving average of $12.16 and a two-hundred day simple moving average of $8.10. Cybin has a 1-year low of $3.76 and a 1-year high of $15.15. The company has a market cap of $878.29 million, a price-to-earnings ratio of -3.65 and a beta of 0.53.

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 analysts' consensus estimates of ($0.80) by ($0.11). Equities research analysts forecast that Cybin will post -2.95 EPS for the current year.

Insider Buying and Selling

In related news, insider Eric H. L. So purchased 100,000 shares of the stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following the completion of the transaction, the insider directly owned 4,465,014 shares of the company's stock, valued at approximately $55,321,523.46. The trade was a 2.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Greg Cavers acquired 3,000 shares of the company's stock in a transaction on Tuesday, September 29th. The shares were bought at an average price of $12.91 per share, with a total value of $38,730.00. Following the completion of the purchase, the chief financial officer directly owned 3,000 shares of the company's stock, valued at approximately $38,730. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 688,000 shares of company stock worth $8,422,830 over the last 90 days. Corporate insiders own 15.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. AXQ Capital LP bought a new position in shares of Cybin in the second quarter worth about $75,000. Farther Finance Advisors LLC lifted its position in shares of Cybin by 927.4% during the third quarter. Farther Finance Advisors LLC now owns 22,818 shares of the company's stock worth $280,000 after purchasing an additional 20,597 shares in the last quarter. WealthPlan Investment Management LLC acquired a new position in shares of Cybin during the third quarter worth approximately $1,272,000. Finally, Pale Fire Capital SE bought a new stake in shares of Cybin during the second quarter valued at approximately $1,015,000. 17.94% of the stock is owned by institutional investors.

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.