Cybin (NASDAQ:HELP) Shares Up 5.9% After Insider Buying Activity

Key Points

• Cybin shares rose 5.9% after insider Paul Glavine purchased 90,000 shares for approximately $1.04 million, increasing his position by 2.26% to more than 4.07 million shares.
• Analysts remain broadly bullish, with five Buy ratings and a consensus price target of $48.60; TD Cowen recently raised its target to $62, while Wells Fargo initiated coverage with a $16 target.
• Cybin reported a quarterly loss of $0.91 per share, missing the $0.80 consensus estimate. The clinical-stage psychedelic therapeutics company has a market capitalization of about $1.03 billion, and institutional investors own 17.94% of its shares.

Cybin Inc. (NASDAQ:HELP - Get Free Report)'s stock price shot up 5.9% on Wednesday following insider buying activity. The stock traded as high as $13.06 and last traded at $13.1150. Approximately 701,407 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 1,192,654 shares. The stock had previously closed at $12.39.

Specifically, insider Paul Glavine bought 90,000 shares of the company's stock in a transaction that occurred on Monday, August 31st. The stock was bought at an average price of $11.59 per share, for a total transaction of $1,043,100.00. Following the transaction, the insider directly owned 4,071,252 shares of the company's stock, valued at $47,185,810.68. This represents a 2.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

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

Cybin Stock Up 9.8%

The stock has a market capitalization of $1.03 billion, a P/E ratio of -4.51 and a beta of 0.63. The business has a fifty day moving average price of $9.56 and a 200-day moving average price of $6.76.

Cybin (NASDAQ:HELP - Get Free Report) last released its quarterly 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). On average, equities analysts expect that Cybin Inc. will post -2.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cybin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pale Fire Capital SE bought a new stake in Cybin during the second quarter valued at about $1,015,000. Millennium Management LLC raised 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 buying an additional 959,448 shares during the period. Osaic Holdings Inc. lifted its position in shares of Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock valued at $63,000 after buying an additional 2,400 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 11,790 shares during the period. Finally, AXQ Capital LP bought a new position in shares of Cybin during the 2nd quarter valued at approximately $75,000. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.

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