Cybin (NASDAQ:HELP) Stock Price Down 6.6% - Here's What Happened

Key Points

• Cybin shares fell 6.6% to about $9.90 in Monday trading, with volume roughly 79% below the stock’s average daily volume.
• Analyst sentiment remains positive: six analysts rate the stock a Buy, with a consensus price target of $47.33; recent targets range from $22 to $62.
• Company insiders bought 688,000 shares worth approximately $8.4 million over the past three months, while Cybin continues developing psychedelic-based treatments for mental health conditions.

Cybin Inc. (NASDAQ:HELP - Get Free Report) shares fell 6.6% during trading on Monday. The stock traded as low as $9.86 and last traded at $9.8990. Approximately 261,606 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,266,690 shares. The stock had previously closed at $10.60.

Analysts Set New Price Targets

A number of research firms have recently issued reports on HELP. Wall Street Zen upgraded shares of Cybin from a "strong sell" rating to a "sell" rating in a report on Sunday, October 25th. Wells Fargo & Company raised their price objective on shares of Cybin from $16.00 to $22.00 and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. TD Cowen lifted their price objective 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. Finally, Barclays initiated coverage on shares of Cybin in a research note on Friday, September 18th. They set an "overweight" rating and a $35.00 target price on the stock. Six research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Cybin currently has a consensus rating of "Buy" and an average price target of $47.33.

Cybin Stock Performance

The stock has a market cap of $725.95 million, a price-to-earnings ratio of -3.02 and a beta of 0.64. The company's 50 day simple moving average is $11.96 and its two-hundred day simple moving average is $7.74.

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

Insider Transactions at Cybin

In other news, insider Paul Glavine bought 100,000 shares of the stock in a transaction on Tuesday, September 8th. The shares were purchased at an average price of $12.47 per share, for a total transaction of $1,247,000.00. Following the completion of the purchase, the insider directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Halstead bought 100,000 shares of the company's stock in a transaction on Monday, September 21st. The stock was purchased 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. The trade was a 145.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 688,000 shares of company stock valued at $8,422,830 in the last three months. 15.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cybin

Several institutional investors have recently made changes to their positions in the company. WealthPlan Investment Management LLC acquired a new position in Cybin in the third quarter worth approximately $1,272,000. Pale Fire Capital SE acquired a new stake in Cybin in the second quarter valued at approximately $1,015,000. Farther Finance Advisors LLC lifted its stake in Cybin by 927.4% in the third 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 last quarter. Finally, AXQ Capital LP bought a new stake in Cybin in the second quarter worth approximately $75,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

About Cybin

Cybin Inc is a clinical-stage biopharmaceutical company focused on developing psychedelic-based therapeutics for mental health conditions. The company's research programs are designed to address disorders such as major depressive disorder and other conditions where existing treatments may not provide adequate relief.

Cybin's development platform has included investigational compounds such as CYB003, a deuterated psilocybin analog being studied for depression, and CYB004, an investigational N,N-dimethyltryptamine (DMT) formulation being evaluated for potential use in mental health treatment.

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