Cybin (NYSEAMERICAN:CYBN) Trading Up 1% - Still a Buy?

Key Points

• Cybin Inc. (NYSEAMERICAN:CYBN) shares increased by 1% to $6.20, with a notable decline in trading volume, down 45% from the average.
• Analysts maintain a consensus "Buy" rating for Cybin, despite a recent reduction in Canaccord Genuity's price target from $73.00 to $70.00, with an average target price of $85.00.
• Cybin is focusing on psychedelic-based therapeutics, with several compounds in various stages of clinical trials targeting mental health conditions such as major depressive disorder and generalized anxiety disorders.

Cybin Inc. (NYSEAMERICAN:CYBN - Get Free Report) shares traded up 1% on Wednesday . The company traded as high as $6.29 and last traded at $6.20. 398,546 shares traded hands during trading, a decline of 45% from the average session volume of 721,163 shares. The stock had previously closed at $6.14.

Analyst Ratings Changes

Separately, Canaccord Genuity Group decreased their price objective on shares of Cybin from $73.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $85.00.

Cybin Stock Up 1.0%

The company has a current ratio of 9.87, a quick ratio of 9.87 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $156.18 million, a P/E ratio of -1.35 and a beta of 0.63. The stock's 50-day moving average price is $6.53 and its two-hundred day moving average price is $7.08.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. DCF Advisers LLC purchased a new stake in Cybin in the 1st quarter worth about $1,281,000. Pale Fire Capital SE lifted its stake in shares of Cybin by 85.2% during the 1st quarter. Pale Fire Capital SE now owns 112,805 shares of the company's stock valued at $715,000 after buying an additional 51,893 shares in the last quarter. Knott David M Jr boosted its holdings in Cybin by 10.6% in the 1st quarter. Knott David M Jr now owns 66,880 shares of the company's stock worth $424,000 after buying an additional 6,434 shares during the period. PEAK6 LLC purchased a new position in Cybin in the 1st quarter valued at approximately $167,000. Finally, National Bank of Canada FI raised its holdings 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 acquiring an additional 5,107 shares during the period. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.