Cybin (NYSE:CYBN) Price Target Cut to $86.00 by Analysts at Canaccord Genuity Group

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

Other analysts have also issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st. HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of Cybin in a research report on Friday, August 23rd.

Cybin Trading Up 7.0 %

Shares of CYBN stock traded up $0.77 during mid-day trading on Thursday, reaching $11.77. The stock had a trading volume of 1,577,479 shares, compared to its average volume of 159,028. The company has a market capitalization of $235.28 million, a P/E ratio of -1.88 and a beta of 0.38. Cybin has a one year low of $6.50 and a one year high of $21.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC bought a new stake in shares of Cybin during the second quarter valued at approximately $36,000. PEAK6 Investments LLC bought a new stake in Cybin during the 1st quarter valued at $95,000. AdvisorShares Investments LLC boosted its position 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 acquiring an additional 220,403 shares in the last quarter. AWM Investment Company Inc. purchased a new stake in shares of Cybin during the 1st quarter valued at $930,000. Finally, Rosalind Advisors Inc. raised its stake in Cybin by 38.3% in the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock worth $5,230,000 after acquiring an additional 5,340,000 shares during the last quarter. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.