Cybin

HELP · AEQUITAS

$10.19−$0.31 (−2.95%)TodayMarket closed · Oct 23, 7:58 PM ET

Prev close $10.50

HELP analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 3 analysts

Average $22.44 (+120.2% upside)

Low: $22.22
Now: $10.19
High: $23.10

Upgrades and downgrades

The latest rating actions, newest first

HELP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 22, 2026	Maintains	Overweight	$16.00 → $22.00	31%
Barclays	Sep 18, 2026	Initiates	Overweight	$35.00	77%
TD Cowen	Aug 20, 2026	Maintains	Buy	$8.00 → $62.00	42%
Wells Fargo	Jul 27, 2026	Initiates	Overweight	$16.00	31%
HC Wainwright & Co.	Jul 9, 2026	Maintains	Buy	$95.00 → $70.00	33%
Canaccord Genuity	Jul 1, 2026	Maintains	Buy	$45.00 → $42.00	43%
TD Cowen	Apr 13, 2026	Initiates	Buy	$8.00	42%
HC Wainwright & Co.	Mar 2, 2026	Maintains	Buy	$55.00 → $95.00	33%

The case for and against

Updated Oct 17, 2026

Bull case

Helus Pharma is attractive because its lead program HLP003 has already completed enrollment in the Phase 3 APPROACH adjunct MDD study, giving investors unusually clear visibility to a near-term pivotal readout with MADRS, response, and remission data. The thesis is further supported by strong Phase 2 signals in depression and anxiety, including roughly 13-point placebo-adjusted MADRS improvement for HLP003 and about 10-point HAM-A reduction for HLP004, which suggest differentiated efficacy in large underserved markets. Financially, the company appears sufficiently funded for execution, with $157.3M of cash as of March 31, 2026 and pro forma cash of about $207M after the June 25 offering, while broader sector validation and improving regulatory support reduce perceived development risk.

Bear case

Helus Pharma is a clinical-stage biotechnology company whose valuation rests almost entirely on whether HLP003 and HLP004 can keep advancing through development and ultimately prove differentiated versus competing programs. While the completed DDI study for HLP003 suggests low PK-mediated interaction risk with SSRIs/SNRIs, that positive signal does little to offset the broader clinical, regulatory, and commercial uncertainty inherent in neuropsychiatric drug development. The negative outlook is further driven by heavy capital needs, an unstable financing environment, and the risk that if funding is insufficient or either lead asset disappoints, the company’s financial projections would be difficult to achieve.

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