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

Cybin (NYSE:CYBN) had its price objective dropped by research analysts at Canaccord Genuity Group from $96.00 to $86.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

CYBN has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Cybin in a research note on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a report on Wednesday, July 31st.

Cybin Price Performance

CYBN stock traded up $0.41 during trading on Thursday, hitting $10.91. The company had a trading volume of 242,877 shares, compared to its average volume of 150,649. Cybin has a one year low of $6.50 and a one year high of $21.66. The stock has a market capitalization of $218.09 million, a PE ratio of -1.79 and a beta of 0.38.

Institutional Investors Weigh In On Cybin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new position in shares of Cybin in the second quarter valued at approximately $36,000. AdvisorShares Investments LLC grew its stake in Cybin by 13.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after purchasing an additional 220,403 shares during the period. Rosalind Advisors Inc. grew 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 valued at $5,230,000 after purchasing an additional 5,340,000 shares during the period. RA Capital Management L.P. purchased a new stake in shares of Cybin during the 1st quarter valued at $24,041,000. Finally, Ikarian Capital LLC bought a new stake in shares of Cybin during the 1st quarter worth $5,770,000. 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.