Cybin (NYSE:CYBN) Price Target Cut to $96.00

Cybin (NYSE:CYBN) had its price objective lowered by Canaccord Genuity Group from $114.00 to $96.00 in a research report sent to investors on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on CYBN. HC Wainwright reiterated a buy rating and issued a $5.00 target price on shares of Cybin in a report on Friday, August 23rd. Cantor Fitzgerald reissued an overweight rating on shares of Cybin in a research report on Wednesday, July 31st.

Cybin Price Performance

Shares of CYBN opened at $10.31 on Monday. The stock has a market capitalization of $206.10 million, a price-to-earnings ratio of -51.70 and a beta of 0.42. Cybin has a 12-month low of $6.50 and a 12-month high of $28.04. The company’s fifty day moving average is $0.98.

Cybin (NYSE:CYBN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter. As a group, equities analysts forecast that Cybin will post -2.85 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in Cybin during the second quarter valued at about $36,000. PEAK6 Investments LLC purchased a new stake in shares of Cybin during the first quarter valued at about $95,000. AdvisorShares Investments LLC grew its position in shares of Cybin by 13.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock worth $494,000 after buying an additional 220,403 shares during the last quarter. AWM Investment Company Inc. purchased a new stake in Cybin during the first quarter valued at approximately $930,000. Finally, Ikarian Capital LLC purchased a new stake in shares of Cybin during the 1st quarter valued at $5,770,000. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.