Cybin (NYSE:CYBN) Stock Price Down 7.4% – Time to Sell?

Cybin Inc. (NYSE:CYBN) shares were down 7.4% during mid-day trading on Monday . The company traded as low as $10.52 and last traded at $10.57. Approximately 119,121 shares traded hands during trading, a decline of 18% from the average daily volume of 144,439 shares. The stock had previously closed at $11.41.

Analyst Upgrades and Downgrades

CYBN has been the subject of a number of recent analyst reports. Canaccord Genuity Group reduced their price objective on shares of Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, September 23rd. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Cybin in a report on Friday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Trading Down 3.9 %

The company has a market cap of $4.49 billion, a price-to-earnings ratio of -54.10 and a beta of 0.41.

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

Hedge Funds Weigh In On Cybin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. RA Capital Management L.P. bought a new stake in shares of Cybin in the first quarter valued at approximately $24,041,000. Rosalind Advisors Inc. lifted its position 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 acquiring an additional 5,340,000 shares in the last quarter. Ikarian Capital LLC purchased a new stake in shares of Cybin during the first quarter worth $5,770,000. AWM Investment Company Inc. bought a new position in shares of Cybin in the first quarter worth $930,000. Finally, AdvisorShares Investments LLC grew its position in shares of Cybin by 13.4% in the second 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 in the last quarter. Institutional investors 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.