Cybin (NASDAQ:HELP) Hits New 52-Week High - Still a Buy?

Key Points

• Cybin shares reached a new 52-week high of $15.15 before last trading at $13.29, well above their 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive: five analysts rate the stock a Buy, with an average price target of $48.60. TD Cowen raised its target to $62, while Wells Fargo initiated coverage with an Overweight rating and a $16 target.
• Cybin reported a quarterly loss of $0.91 per share, missing estimates of $0.80, but insiders purchased 585,000 shares worth approximately $7.0 million over the past 90 days.

Cybin Inc. (NASDAQ:HELP - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $15.15 and last traded at $13.29, with a volume of 758703 shares changing hands. The stock had previously closed at $14.02.

Analyst Ratings Changes

HELP has been the topic of several research analyst reports. TD Cowen raised their price target on shares of Cybin from $8.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Wells Fargo & Company initiated coverage on shares of Cybin in a research report on Monday, July 27th. They set an "overweight" rating and a $16.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Cybin from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $48.60.

Cybin Stock Performance

The firm's 50-day simple moving average is $10.56 and its 200 day simple moving average is $7.06. The company has a market cap of $983.71 million, a P/E ratio of -4.33 and a beta of 0.63.

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

Insider Activity

In related news, insider Eric H. L. So bought 100,000 shares of the firm's stock in a transaction dated Tuesday, September 8th. The stock was bought at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Glavine purchased 100,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was bought at an average cost of $12.47 per share, with a total value of $1,247,000.00. Following the completion of the purchase, the insider owned 4,271,252 shares in the company, valued at $53,262,512.44. The trade was a 2.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 585,000 shares of company stock valued at $7,037,100 over the last 90 days. Corporate insiders own 15.00% of the company's stock.

Institutional Investors Weigh In On Cybin

A hedge fund recently bought a new position in Cybin stock. Pale Fire Capital SE bought a new position in shares of Cybin Inc. (NASDAQ:HELP - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 153,505 shares of the company's stock, valued at approximately $1,015,000. Pale Fire Capital SE owned approximately 0.21% of Cybin at the end of the most recent quarter. 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 the treatment of mental health conditions. The company combines drug discovery, clinical development and proprietary formulation technologies to design potentially more efficient and scalable psychedelic treatments.

Cybin's development programs have included CYB003, an investigational deuterated psilocybin analog being studied for major depressive disorder, and CYB004, an investigational deuterated DMT molecule being evaluated for generalized anxiety disorder and other mental health indications.

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