Cybin (NYSEAMERICAN:CYBN) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

• Guggenheim raised its price target on Cybin from $39 to $48 and maintained a "buy" rating, signaling analyst expectations for substantial upside.
• Cybin shares traded up 3.8% to $5.72 with a market cap of about $144 million; the company shows a negative P/E and very high current/quick ratios (8.58), consistent with an early-stage, cash-rich biotech.
• Cybin is a clinical-stage biopharmaceutical developing psychedelic-based therapeutics, including CYB003 (deuterated psilocybin in phase 1/2a for MDD) and CYB004 (deuterated DMT, completed phase 2 for GAD).

Cybin (NYSEAMERICAN:CYBN - Get Free Report) had its target price increased by equities research analysts at Guggenheim from $39.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock.

Cybin Stock Up 3.8%

Cybin stock traded up $0.21 on Wednesday, hitting $5.72. 256,134 shares of the stock traded hands, compared to its average volume of 466,019. Cybin has a 1 year low of $4.81 and a 1 year high of $10.80. The firm has a market cap of $144.01 million, a P/E ratio of -1.47 and a beta of 0.67. The company has a current ratio of 8.58, a quick ratio of 8.58 and a debt-to-equity ratio of 0.21. The business's fifty day simple moving average is $6.17 and its 200 day simple moving average is $7.03.

Institutional Trading of Cybin

A number of hedge funds have recently made changes to their positions in CYBN. National Bank of Canada FI increased its position in Cybin by 3,546.5% during the 1st quarter. National Bank of Canada FI now owns 5,251 shares of the company's stock valued at $33,000 after buying an additional 5,107 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock worth $63,000 after acquiring an additional 2,400 shares during the last quarter. Cowa LLC grew its stake in shares of Cybin by 12.8% in the second quarter. Cowa LLC now owns 13,200 shares of the company's stock worth $111,000 after acquiring an additional 1,500 shares during the last quarter. PEAK6 LLC bought a new position in shares of Cybin during the first quarter valued at $167,000. Finally, Bank of America Corp DE raised its position in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company's stock worth $247,000 after purchasing an additional 11,790 shares during the last quarter. 17.94% of the stock is owned by institutional investors.

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.

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