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

Shares of Cybin Inc. (NASDAQ:HELP) fell 2.1% during trading on Thursday . The company traded as low as $4.65 and last traded at $4.65. 1,503,417 shares traded hands during trading, an increase of 23% from the average session volume of 1,220,813 shares. The stock had previously closed at $4.75.

Analyst Upgrades and Downgrades

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

Cybin Stock Performance

The company has a market capitalization of $240.08 million, a P/E ratio of -1.10 and a beta of 0.61. The stock has a 50-day simple moving average of $6.16.

Cybin (NASDAQ:HELP) last issued its quarterly earnings data on Friday, February 13th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.19).

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HELP. Bollard Group LLC purchased a new stake in shares of Cybin during the second quarter worth about $1,317,000. Millennium Management LLC lifted its stake in shares of Cybin by 1,388.5% during the fourth quarter. Millennium Management LLC now owns 1,028,549 shares of the company’s stock valued at $8,414,000 after buying an additional 959,448 shares during the period. Bank of America Corp DE boosted 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 worth $247,000 after acquiring an additional 11,790 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its position in Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares during the last quarter. 17.94% of the stock is currently 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.