Cybin (NYSE:CYBN) Stock Price Up 1% – Here’s What Happened

Cybin Inc. (NYSE:CYBN)’s share price shot up 1% during trading on Friday . The stock traded as high as $9.50 and last traded at $9.15. 195,025 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 190,576 shares. The stock had previously closed at $9.06.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $190.00 target price on shares of Cybin in a research note on Monday, November 18th. Canaccord Genuity Group lowered their price objective on shares of Cybin from $96.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, November 14th.

Cybin Stock Performance

The stock has a fifty day simple moving average of $10.35. The company has a market cap of $182.93 million, a P/E ratio of -1.37 and a beta of 0.39.

Hedge Funds Weigh In On Cybin

A hedge fund recently bought a new stake in Cybin stock. Sanctuary Advisors LLC acquired a new position in shares of Cybin Inc. (NYSE:CYBN) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 131,252 shares of the company’s stock, valued at approximately $36,000. 17.94% of the stock is owned by institutional investors and hedge funds.

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.