Cybin (NASDAQ:HELP) Hits New 12-Month High - Here's Why

Key Points

• Cybin shares reached a new 52-week high of $13.24 and were last trading at $13.02, up from a previous close of $12.59.
• Analyst sentiment is bullish: five analysts rate the stock a Buy, with a consensus price target of $48.60; TD Cowen recently raised its target to $62 from $8.
• The clinical-stage psychedelic therapeutics company reported a quarterly loss of $0.91 per share, missing estimates of $0.80, while institutional investors own 17.94% of its shares.

Cybin Inc. (NASDAQ:HELP - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $13.24 and last traded at $13.02, with a volume of 1863160 shares trading hands. The stock had previously closed at $12.59.

Analyst Upgrades and Downgrades

Several analysts have issued reports on HELP shares. Wells Fargo & Company started coverage on Cybin in a research note on Monday, July 27th. They issued an "overweight" rating and a $16.00 target price for the company. TD Cowen upped their price target on shares of Cybin from $8.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $48.60.

Cybin Trading Up 3.4%

The stock has a 50 day simple moving average of $8.00 and a 200 day simple moving average of $6.28. The firm has a market capitalization of $951.24 million, a PE ratio of -4.31 and a beta of 0.55.

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). As a group, equities analysts anticipate that Cybin Inc. will post -3.17 earnings per share for the current year.

Institutional Investors Weigh In On Cybin

A number of large investors have recently added to or reduced their stakes in HELP. AXQ Capital LP purchased a new position in shares of Cybin in the second quarter valued at about $75,000. Pale Fire Capital SE purchased a new stake in shares of Cybin during the second quarter worth about $1,015,000. Millennium Management LLC grew its stake in shares of Cybin by 1,388.5% in the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company's stock worth $8,414,000 after purchasing an additional 959,448 shares during the last quarter. Osaic Holdings Inc. grew its stake in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock worth $63,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Cybin by 66.8% during the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company's stock valued at $247,000 after purchasing an additional 11,790 shares during the period. Institutional investors own 17.94% of the company's stock.

Cybin Company Profile

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.

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.