Cybin (NASDAQ:HELP) Shares Climb 7.8% - Should You Buy?

Key Points

• Cybin shares rose 7.8% to $11.56, despite trading volume falling 42% below the average session level. The company has a market capitalization of approximately $929 million and remains unprofitable.
• Analyst sentiment is broadly positive: six analysts rate the stock Buy, with a consensus price target of $46.33. However, ratings vary sharply, including a “strong sell” downgrade from Wall Street Zen and price targets ranging from $16 to $62.
• Company insiders purchased 688,000 shares worth approximately $8.4 million over the past 90 days, while Cybin continues developing psychedelic-based treatments for depression and anxiety.

Shares of Cybin Inc. (NASDAQ:HELP - Get Free Report) shot up 7.8% on Friday. The company traded as high as $11.49 and last traded at $11.56. Approximately 720,450 shares were traded during trading, a decline of 42% from the average session volume of 1,248,544 shares. The stock had previously closed at $10.72.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen cut shares of Cybin from a "sell" rating to a "strong sell" rating in a research report on Saturday, October 3rd. Wells Fargo & Company initiated coverage on shares of Cybin in a research note on Monday, July 27th. They set 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 note on Thursday, August 20th. Finally, Barclays began coverage on shares of Cybin in a report on Friday, September 18th. They issued an "overweight" rating and a $35.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $46.33.

Cybin Trading Up 9.0%

The stock has a market cap of $929.24 million, a P/E ratio of -3.87 and a beta of 0.53. The firm has a 50-day simple moving average of $11.99 and a two-hundred day simple moving average of $7.75.

Cybin (NASDAQ:HELP - Get Free Report) last announced its 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). Sell-side analysts predict that Cybin Inc. will post -2.95 earnings per share for the current year.

Insider Buying and Selling at Cybin

In other Cybin news, CEO Michael Halstead purchased 100,000 shares of the company's stock in a transaction dated Monday, September 21st. The stock was bought at an average cost of $13.47 per share, for a total transaction of $1,347,000.00. Following the completion of the transaction, the chief executive officer owned 168,568 shares in the company, valued at approximately $2,270,610.96. This represents a 145.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Glavine purchased 100,000 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The stock was bought at an average price 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 of the company's stock, valued at $53,262,512.44. This trade represents a 2.40% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 688,000 shares of company stock valued at $8,422,830 over the last ninety days. Company insiders own 15.00% of the company's stock.

Hedge Funds Weigh In On Cybin

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pale Fire Capital SE acquired a new position in Cybin during the second quarter valued at approximately $1,015,000. Farther Finance Advisors LLC increased its stake in shares of 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 during the last quarter. Finally, AXQ Capital LP acquired a new position in shares of Cybin during the 2nd quarter worth $75,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.

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