Cybin (NYSE:CYBN) Trading Up 1% – Time to Buy?

Shares of Cybin Inc. (NYSE:CYBN) rose 1% on Friday . The stock traded as high as $9.50 and last traded at $9.15. Approximately 195,025 shares were traded during trading, an increase of 2% from the average daily volume of 190,576 shares. The stock had previously closed at $9.06.

Analyst Ratings Changes

A number of research firms have commented on CYBN. Canaccord Genuity Group decreased their price target on Cybin from $96.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Cybin in a research report on Monday, November 18th.

Cybin Stock Performance

The stock has a market cap of $182.93 million, a price-to-earnings ratio of -1.37 and a beta of 0.39. The business’s 50 day moving average price is $10.35.

Hedge Funds Weigh In On Cybin

An institutional investor recently bought a new position in Cybin stock. Sanctuary Advisors LLC purchased a new stake in Cybin Inc. (NYSE:CYBN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 131,252 shares of the company’s stock, valued at approximately $36,000. 17.94% of the stock is currently 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.