Cybin (NASDAQ:HELP) Shares Down 4.5% - Here's What Happened

Key Points

• Cybin shares fell 4.5% to $10.55 in midday trading, with volume slightly above its average; the company has an $839.67 million market capitalization and remains unprofitable.
• Analyst sentiment is broadly positive, with six Buy ratings and a consensus price target of $46.33, despite mixed targets ranging from $16 to $62 and one Strong Sell rating.
• Company insiders purchased 688,000 shares worth approximately $8.4 million over the past 90 days, while institutional investors and hedge funds own 17.94% of the stock.

Cybin Inc. (NASDAQ:HELP - Get Free Report) shares dropped 4.5% during mid-day trading on Friday. The company traded as low as $10.38 and last traded at $10.55. 1,310,234 shares changed hands during trading, an increase of 3% from the average daily volume of 1,269,631 shares. The stock had previously closed at $11.05.

Analysts Set New Price Targets

Several research analysts recently commented on HELP shares. TD Cowen lifted their price target on 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 assumed coverage on shares of Cybin in a research report on Monday, July 27th. They set an "overweight" rating and a $16.00 target price on the stock. Barclays began coverage on Cybin in a research note on Friday, September 18th. They issued an "overweight" rating and a $35.00 target price on the stock. Finally, Wall Street Zen downgraded Cybin from a "sell" rating to a "strong sell" rating in a report on Saturday, October 3rd. Six research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Cybin has a consensus rating of "Buy" and a consensus price target of $46.33.

Cybin Trading Down 4.5%

The stock's fifty day moving average price is $12.15 and its 200-day moving average price is $7.97. The firm has a market cap of $839.67 million, a price-to-earnings ratio of -3.49 and a beta of 0.53.

Cybin (NASDAQ:HELP - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.11). Analysts predict that Cybin Inc. will post -2.95 earnings per share for the current year.

Insider Activity

In other Cybin news, insider Eric H. L. So bought 100,000 shares of the business's stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average cost of $12.39 per share, with a total value of $1,239,000.00. Following the purchase, the insider owned 4,465,014 shares in the company, valued at approximately $55,321,523.46. This represents a 2.29% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Glavine bought 100,000 shares of the company's stock in a transaction on 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 acquisition, the insider owned 4,271,252 shares of the company's stock, valued at $53,262,512.44. This represents a 2.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 688,000 shares of company stock worth $8,422,830 in the last ninety days. 15.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cybin

Several hedge funds and other institutional investors have recently modified their holdings of HELP. AXQ Capital LP acquired a new stake in shares of Cybin in the second quarter valued at about $75,000. Farther Finance Advisors LLC grew 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 buying an additional 20,597 shares in the last quarter. WealthPlan Investment Management LLC acquired a new stake in Cybin in the third quarter valued at $1,272,000. Finally, Pale Fire Capital SE bought a new position in Cybin during the 2nd quarter valued at $1,015,000. 17.94% of the stock is 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.

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.