PDS Planning Inc Reduces Stock Holdings in Cybin Inc. (NYSE:CYBN)

PDS Planning Inc cut its holdings in Cybin Inc. (NYSE:CYBN) by 88.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 30,344 shares of the company’s stock after selling 237,236 shares during the quarter. PDS Planning Inc’s holdings in Cybin were worth $268,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in Cybin during the fourth quarter worth $46,000. Cowa LLC purchased a new stake in Cybin during the 4th quarter worth about $115,000. Essential Planning LLC. purchased a new stake in Cybin during the 4th quarter worth about $138,000. Finally, Fore Capital LLC raised its stake in Cybin by 70.6% in the 4th quarter. Fore Capital LLC now owns 31,421 shares of the company’s stock valued at $277,000 after purchasing an additional 13,000 shares during the last quarter. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

Cybin Stock Performance

NYSE CYBN opened at $7.52 on Thursday. The firm has a market cap of $161.51 million, a P/E ratio of -1.72 and a beta of 0.50. Cybin Inc. has a 12 month low of $6.50 and a 12 month high of $17.86. The company’s 50-day moving average is $8.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Guggenheim started coverage on shares of Cybin in a report on Thursday, March 13th. They set a “buy” rating and a $35.00 price target for the company. Canaccord Genuity Group lowered their target price on shares of Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, HC Wainwright reduced their price target on Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th.

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.