Cybin (NYSE:CYBN) Price Target Cut to $73.00 by Analysts at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price target reduced by Canaccord Genuity Group from $86.00 to $73.00 in a research note released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

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

Cybin Trading Down 0.3 %

Shares of Cybin stock opened at $9.36 on Wednesday. Cybin has a 52 week low of $6.50 and a 52 week high of $19.85. The company has a market capitalization of $189.54 million, a PE ratio of -1.40 and a beta of 0.46. The business has a 50-day simple moving average of $9.64.

Institutional Investors Weigh In On Cybin

A number of institutional investors and hedge funds have recently modified their holdings of CYBN. Sanctuary Advisors LLC purchased a new position in Cybin in the 2nd quarter worth about $36,000. Global Retirement Partners LLC acquired a new position in shares of Cybin in the fourth quarter worth about $46,000. Cowa LLC acquired a new position in shares of Cybin in the fourth quarter worth about $115,000. Essential Planning LLC. acquired a new stake in shares of Cybin during the fourth quarter valued at approximately $138,000. Finally, Fore Capital LLC raised its holdings in shares of 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 acquiring an additional 13,000 shares during the period. 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.