Cybin (NASDAQ:HELP) Trading 18.3% Higher – What’s Next?

Cybin Inc. (NASDAQ:HELP)’s stock price shot up 18.3% on Thursday . The stock traded as high as $6.34 and last traded at $6.02. 7,111,084 shares were traded during trading, an increase of 956% from the average session volume of 673,523 shares. The stock had previously closed at $5.09.

Wall Street Analysts Forecast Growth

HELP has been the subject of a number of recent research reports. HC Wainwright upped their target price on Cybin from $55.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. TD Cowen assumed coverage on shares of Cybin in a report on Monday, April 13th. They issued a “buy” rating on the stock. Five analysts have rated the stock with a Buy rating, According to MarketBeat, Cybin presently has a consensus rating of “Buy” and an average price target of $58.75.

Cybin Stock Up 18.3%

The company has a market cap of $310.81 million, a P/E ratio of -1.42 and a beta of 0.74. The firm’s 50 day moving average is $4.84.

Institutional Trading of Cybin

A number of large investors have recently bought and sold shares of HELP. Millennium Management LLC raised 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 in the last quarter. Bank of America Corp DE boosted its stake in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after purchasing an additional 11,790 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Cybin by 46.7% in the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after purchasing an additional 2,400 shares in the last quarter. 17.94% of the stock is currently owned by 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.