Cybin (NYSE:CYBN) Price Target Lowered to $86.00 at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its target price dropped by research analysts at Canaccord Genuity Group from $96.00 to $86.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

A number of other equities analysts have also weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $5.00 target price on shares of Cybin in a research report on Friday, August 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Price Performance

Shares of NYSE CYBN traded up $0.41 during trading on Thursday, reaching $10.91. 242,877 shares of the stock traded hands, compared to its average volume of 150,649. The stock has a market capitalization of $218.09 million, a PE ratio of -1.79 and a beta of 0.38. Cybin has a 52-week low of $6.50 and a 52-week high of $21.66.

Hedge Funds Weigh In On Cybin

Hedge funds have recently bought and sold shares of the company. RA Capital Management L.P. purchased a new stake in Cybin in the 1st quarter worth approximately $24,041,000. Ikarian Capital LLC purchased a new stake in shares of Cybin in the first quarter worth $5,770,000. Rosalind Advisors Inc. boosted its stake in Cybin by 38.3% during the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after buying an additional 5,340,000 shares during the period. AWM Investment Company Inc. bought a new stake in Cybin during the first quarter valued at $930,000. Finally, PEAK6 Investments LLC purchased a new position in Cybin during the first quarter worth about $95,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.