Cybin (NYSE:CYBN) Price Target Lowered to $73.00 at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price objective dropped by investment analysts at Canaccord Genuity Group from $86.00 to $73.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $190.00 price objective on shares of Cybin in a report on Monday, January 27th.

Cybin Price Performance

Shares of NYSE:CYBN opened at $9.39 on Wednesday. The firm has a 50 day moving average price of $9.66. Cybin has a 52-week low of $6.50 and a 52-week high of $19.85. The firm has a market capitalization of $190.15 million, a P/E ratio of -1.41 and a beta of 0.46.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC bought a new position in Cybin during the second quarter worth $36,000. Global Retirement Partners LLC acquired a new stake in shares of Cybin during the fourth quarter worth $46,000. Cowa LLC bought a new position in shares of Cybin in the 4th quarter worth about $115,000. Essential Planning LLC. acquired a new position in shares of Cybin in the 4th quarter valued at about $138,000. Finally, Fore Capital LLC grew its position in shares of Cybin by 70.6% during the 4th quarter. Fore Capital LLC now owns 31,421 shares of the company’s stock valued at $277,000 after buying an additional 13,000 shares during the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

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.