Cybin (NYSE:CYBN) Given New $73.00 Price Target at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price target cut by equities researchers at Canaccord Genuity Group from $86.00 to $73.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

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

Cybin Stock Up 0.2 %

CYBN stock opened at $9.39 on Wednesday. The firm has a 50 day simple moving average of $9.66. The firm has a market capitalization of $190.15 million, a price-to-earnings ratio of -1.41 and a beta of 0.46. Cybin has a 12 month low of $6.50 and a 12 month high of $19.85.

Hedge Funds Weigh In On Cybin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of Cybin in the 2nd quarter worth about $36,000. Essential Planning LLC. purchased a new position in Cybin in the fourth quarter valued at approximately $138,000. Fore Capital LLC lifted its position in Cybin by 70.6% during the fourth 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 in the last quarter. Global Retirement Partners LLC purchased a new stake in Cybin during the fourth quarter worth approximately $46,000. Finally, Cowa LLC acquired a new stake in shares of Cybin in the fourth quarter worth $115,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.