Canaccord Genuity Group Issues Pessimistic Forecast for Cybin (NYSE:CYBN) Stock Price

Cybin (NYSE:CYBN) had its price objective dropped by equities researchers at Canaccord Genuity Group from $96.00 to $86.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

CYBN has been the subject of a number of other reports. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Cybin in a report on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Price Performance

Shares of Cybin stock opened at $11.65 on Thursday. Cybin has a 1-year low of $6.50 and a 1-year high of $21.66. The stock has a market cap of $232.88 million, a price-to-earnings ratio of -1.74 and a beta of 0.38.

Hedge Funds Weigh In On Cybin

Several large investors have recently added to or reduced their stakes in CYBN. RA Capital Management L.P. bought a new position in Cybin in the 1st quarter valued at about $24,041,000. Ikarian Capital LLC bought a new position in Cybin in the 1st quarter valued at about $5,770,000. Rosalind Advisors Inc. lifted its position in Cybin by 38.3% in the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after acquiring an additional 5,340,000 shares in the last quarter. AWM Investment Company Inc. bought a new position in Cybin in the 1st quarter valued at about $930,000. Finally, PEAK6 Investments LLC bought a new position in Cybin in the 1st quarter valued at about $95,000. Institutional investors 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.