Cybin (NYSE:CYBN) Given New $86.00 Price Target at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price target trimmed by Canaccord Genuity Group from $96.00 to $86.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also weighed in on CYBN. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st. HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Cybin in a report on Friday, August 23rd.

Cybin Trading Up 5.5 %

Shares of CYBN stock opened at $11.60 on Thursday. Cybin has a fifty-two week low of $6.50 and a fifty-two week high of $21.66. The stock has a market capitalization of $231.91 million, a price-to-earnings ratio of -1.74 and a beta of 0.38.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CYBN. Sanctuary Advisors LLC bought a new stake in Cybin during the 2nd quarter valued at approximately $36,000. PEAK6 Investments LLC bought a new stake in Cybin during the 1st quarter valued at approximately $95,000. AdvisorShares Investments LLC boosted its stake in Cybin by 13.4% during the 2nd 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 during the period. AWM Investment Company Inc. bought a new stake in Cybin during the 1st quarter valued at approximately $930,000. Finally, Ikarian Capital LLC bought a new stake in Cybin during the 1st quarter valued at approximately $5,770,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.