Cybin (NASDAQ:HELP) Shares Down 2.1% – Time to Sell?

Cybin Inc. (NASDAQ:HELP) shares were down 2.1% on Thursday . The stock traded as low as $4.65 and last traded at $4.65. Approximately 1,503,417 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 1,220,813 shares. The stock had previously closed at $4.75.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on HELP shares. HC Wainwright increased their price target on Cybin from $55.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Jefferies Financial Group assumed coverage on Cybin in a research note on Monday, February 2nd. They issued a “buy” rating and a $22.00 target price for the company. Finally, Guggenheim increased their target price on Cybin from $39.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $58.75.

Cybin Price Performance

The stock’s fifty day moving average is $6.16. The company has a market cap of $240.08 million, a PE ratio of -1.10 and a beta of 0.61.

Cybin (NASDAQ:HELP) last posted its quarterly earnings results on Friday, February 13th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.19).

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings in Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after acquiring an additional 2,400 shares during the last quarter. Bank of America Corp DE grew its position in Cybin by 66.8% during the second 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. Bollard Group LLC acquired a new stake in Cybin during the second quarter worth about $1,317,000. Finally, Millennium Management LLC increased its stake in Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock worth $8,414,000 after acquiring an additional 959,448 shares during the last quarter. 17.94% of the stock is owned by hedge funds and other institutional investors.

About Cybin

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.