Cybin (NYSE:CYBN) Coverage Initiated at Guggenheim

Guggenheim assumed coverage on shares of Cybin (NYSE:CYBN) in a research note published on Thursday morning, Marketbeat reports. The brokerage issued a buy rating and a $35.00 price objective on the stock.

A number of other research analysts have also recently commented on the company. HC Wainwright dropped their price target on Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Canaccord Genuity Group decreased their target price on Cybin from $86.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th.

Cybin Stock Performance

CYBN stock opened at $7.30 on Thursday. The stock has a fifty day simple moving average of $9.03. Cybin has a 1-year low of $6.50 and a 1-year high of $18.05. The stock has a market capitalization of $156.78 million, a PE ratio of -1.67 and a beta of 0.50.

Hedge Funds Weigh In On Cybin

Several institutional investors have recently modified their holdings of CYBN. Tang Capital Management LLC boosted its holdings in Cybin by 232.5% during the 4th quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company’s stock valued at $11,731,000 after acquiring an additional 930,097 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Cybin in the 4th quarter worth $7,938,000. Acorn Capital Advisors LLC purchased a new position in shares of Cybin in the 4th quarter worth $6,477,000. Boothbay Fund Management LLC boosted its stake in shares of Cybin by 9.2% in the 4th quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company’s stock worth $941,000 after buying an additional 9,029 shares during the last quarter. Finally, Knott David M Jr purchased a new position in Cybin during the fourth quarter valued at $533,000. 17.94% of the stock is currently owned by institutional investors.

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.