Cybin (NYSE:CYBN) Given New $73.00 Price Target at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price objective lowered by Canaccord Genuity Group from $86.00 to $73.00 in a report issued on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Separately, HC Wainwright restated a “buy” rating and issued a $190.00 price target on shares of Cybin in a report on Monday, January 27th.

Cybin Stock Up 0.6 %

Shares of CYBN opened at $9.53 on Wednesday. Cybin has a twelve month low of $6.50 and a twelve month high of $19.85. The firm has a market capitalization of $200.38 million, a price-to-earnings ratio of -1.43 and a beta of 0.46. The business’s 50-day moving average is $9.59.

Institutional Investors Weigh In On Cybin

A number of large investors have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC purchased a new stake in shares of Cybin in the second quarter valued at about $36,000. Marshall Wace LLP purchased a new stake in Cybin in the 4th quarter valued at approximately $94,000. Boothbay Fund Management LLC grew its holdings in Cybin by 9.2% during the 4th quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company’s stock valued at $941,000 after buying an additional 9,029 shares during the last quarter. AdvisorShares Investments LLC increased its position in Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company’s stock worth $447,000 after buying an additional 1,567 shares in the last quarter. Finally, Diametric Capital LP acquired a new position in shares of Cybin in the fourth quarter worth $157,000. 17.94% of the stock is owned by institutional investors and hedge funds.

Cybin Company Profile

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.