Cybin (NYSE:CYBN) Given New $86.00 Price Target at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price target decreased by Canaccord Genuity Group from $96.00 to $86.00 in a research report released on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities analysts also recently commented on CYBN. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Cybin in a research report on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st.

Cybin Stock Up 5.5 %

Shares of CYBN stock opened at $11.60 on Thursday. The company has a market capitalization of $231.91 million, a price-to-earnings ratio of -1.74 and a beta of 0.38. Cybin has a 12 month low of $6.50 and a 12 month high of $21.66.

Institutional Investors Weigh In On Cybin

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new stake in Cybin during the 2nd quarter valued at $36,000. AdvisorShares Investments LLC increased its holdings in Cybin by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after purchasing an additional 220,403 shares in the last quarter. Rosalind Advisors Inc. increased its holdings in Cybin by 38.3% during the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after purchasing an additional 5,340,000 shares in the last quarter. RA Capital Management L.P. acquired a new stake in Cybin during the 1st quarter valued at $24,041,000. Finally, Ikarian Capital LLC acquired a new stake in Cybin during the 1st quarter valued at $5,770,000. 17.94% of the stock is owned by institutional investors and hedge funds.

About Cybin

Cybin Inc, a clinical-stage biopharmaceutical company, focuses on developing psychedelic-based therapeutics for patients with mental health conditions. The company’s development pipeline includes CYB003, a deuterated psilocybin analog, which is in phase 1/2a clinical trial to treat major depressive disorder (MDD), as well as in preclinical trials for alcohol use disorder; CYB004, a deuterated dimethyltryptamine (DMT), which completed phase 2 clinical trial for treating generalized anxiety disorders; SPL028 injectable deuterated DMT completed phase 1 clinical intramuscular and intravenous trial; SPL026 completed phase 1, 1b, and 1/2a for MDD; and CYB005, a phenethylamine derivative, which in preclinical stage to treat neuroinflammation, as well as has a research pipeline of investigational psychedelic-based compounds.