Cybin (NYSE:CYBN) Stock Price Up 9.7% – Still a Buy?

Cybin Inc. (NYSE:CYBN) shares were up 9.7% during trading on Friday . The stock traded as high as $11.46 and last traded at $11.46. Approximately 157,652 shares traded hands during trading, an increase of 9% from the average daily volume of 144,094 shares. The stock had previously closed at $10.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CYBN shares. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Cybin in a research note on Friday, August 23rd. Canaccord Genuity Group dropped their target price on Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, September 23rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Stock Up 9.2 %

The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of -57.05 and a beta of 0.41.

Cybin (NYSE:CYBN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter. Analysts predict that Cybin Inc. will post -2.85 earnings per share for the current fiscal year.

Institutional Trading of Cybin

Several hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Cybin during the 2nd quarter worth approximately $36,000. AdvisorShares Investments LLC lifted its position in shares of Cybin by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock worth $494,000 after purchasing an additional 220,403 shares during the last quarter. Rosalind Advisors Inc. grew its stake in shares of Cybin by 38.3% during the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock worth $5,230,000 after purchasing an additional 5,340,000 shares in the last quarter. RA Capital Management L.P. purchased a new position in Cybin in the first quarter valued at $24,041,000. Finally, Ikarian Capital LLC acquired a new stake in Cybin in the first quarter valued at $5,770,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.