Cybin (NASDAQ:HELP) Stock Falls 1.1% - Here's Why

Key Points

• Cybin shares fell 1.1% to $10.38, with trading volume 18% below the average session volume.
• Analyst sentiment remains broadly positive: six analysts rate the stock a Buy, with a consensus price target of $46.33, although published targets range widely from $16 to $62.
• Cybin reported a quarterly loss of $0.91 per share, missing estimates by $0.11, while insiders bought 688,000 shares worth approximately $8.4 million over the past three months.

Cybin Inc. (NASDAQ:HELP - Get Free Report) shares dropped 1.1% during trading on Wednesday. The stock traded as low as $10.19 and last traded at $10.38. 1,040,414 shares traded hands during trading, a decline of 18% from the average session volume of 1,268,004 shares. The stock had previously closed at $10.50.

Analysts Set New Price Targets

HELP has been the topic of several recent analyst reports. Wells Fargo & Company assumed coverage on Cybin in a research note on Monday, July 27th. They issued an "overweight" rating and a $16.00 price target on the stock. Wall Street Zen cut Cybin from a "sell" rating to a "strong sell" rating in a report on Saturday, October 3rd. Barclays started coverage on Cybin in a research report on Friday, September 18th. They set an "overweight" rating and a $35.00 price objective for the company. Finally, TD Cowen raised their price objective on Cybin from $8.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $46.33.

Cybin Price Performance

The stock has a market cap of $826.14 million, a price-to-earnings ratio of -3.44 and a beta of 0.53. The business's 50-day simple moving average is $12.16 and its two-hundred day simple moving average is $7.89.

Cybin (NASDAQ:HELP - Get Free Report) last announced its quarterly 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). Equities research analysts forecast that Cybin Inc. will post -2.95 earnings per share for the current year.

Insider Transactions at Cybin

In other news, insider Eric H. L. So bought 100,000 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $12.39 per share, for a total transaction of $1,239,000.00. Following the completion of the transaction, the insider owned 4,465,014 shares of the company's stock, valued at $55,321,523.46. This trade represents a 2.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Halstead purchased 100,000 shares of the business's stock in a transaction dated Monday, September 21st. The shares were purchased at an average cost of $13.47 per share, for a total transaction of $1,347,000.00. Following the completion of the purchase, the chief executive officer directly owned 168,568 shares of the company's stock, valued at approximately $2,270,610.96. This represents a 145.84% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 688,000 shares of company stock valued at $8,422,830 over the last three months. Company insiders own 15.00% of the company's stock.

Institutional Investors Weigh In On Cybin

A number of institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its position in 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 acquiring an additional 20,597 shares during the period. AXQ Capital LP bought a new position in shares of Cybin during the second quarter valued at $75,000. Finally, Pale Fire Capital SE acquired a new position in shares of Cybin during the second quarter worth $1,015,000. 17.94% of the stock is owned by institutional investors.

Cybin Company Profile

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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