HC Wainwright Reiterates “Buy” Rating for Cybin (NYSE:CYBN)

Cybin (NYSE:CYBN)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $190.00 target price on the stock.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group dropped their price objective on Cybin from $96.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Stock Performance

Shares of Cybin stock traded up $0.25 during trading on Monday, reaching $11.85. The company’s stock had a trading volume of 2,047,771 shares, compared to its average volume of 170,105. The firm has a market capitalization of $236.91 million, a PE ratio of -1.78 and a beta of 0.38. Cybin has a one year low of $6.50 and a one year high of $21.66.

Institutional Investors Weigh In On Cybin

A number of institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new stake in Cybin during the second quarter valued at approximately $36,000. AdvisorShares Investments LLC boosted its holdings in Cybin by 13.4% during the second 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 in the last quarter. PEAK6 Investments LLC acquired a new position in shares of Cybin in the 1st quarter worth approximately $95,000. AWM Investment Company Inc. acquired a new position in shares of Cybin in the 1st quarter worth approximately $930,000. Finally, Rosalind Advisors Inc. boosted its holdings in shares of Cybin by 38.3% in the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock worth $5,230,000 after acquiring an additional 5,340,000 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

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.