Cybin (NYSE:CYBN) Given New $70.00 Price Target at Canaccord Genuity Group

Cybin (NYSE:CYBN - Get Free Report) had its price target decreased by research analysts at Canaccord Genuity Group from $73.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock.

CYBN has been the topic of several other reports. Cantor Fitzgerald raised Cybin to a "strong-buy" rating in a report on Tuesday, May 13th. Guggenheim initiated coverage on Cybin in a research report on Thursday, March 13th. They set a "buy" rating and a $35.00 price objective for the company.

Cybin Trading Up 0.1%

Shares of NYSE:CYBN traded up $0.01 during trading on Tuesday, reaching $7.61. 266,702 shares of the stock were exchanged, compared to its average volume of 283,710. The firm has a market cap of $175.19 million, a PE ratio of -1.73 and a beta of 0.69. The stock has a 50-day moving average price of $7.68 and a 200-day moving average price of $8.00. Cybin has a 12 month low of $4.81 and a 12 month high of $13.88.

Hedge Funds Weigh In On Cybin

Several large investors have recently bought and sold shares of the company. AdvisorShares Investments LLC raised its position in shares of Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company's stock worth $447,000 after acquiring an additional 1,567 shares during the last quarter. National Bank of Canada FI raised its position in shares of Cybin by 3,546.5% during the first quarter. National Bank of Canada FI now owns 5,251 shares of the company's stock worth $33,000 after acquiring an additional 5,107 shares during the last quarter. Knott David M Jr raised its position in shares of Cybin by 10.6% during the first quarter. Knott David M Jr now owns 66,880 shares of the company's stock worth $424,000 after acquiring an additional 6,434 shares during the last quarter. Boothbay Fund Management LLC raised its position in shares of Cybin by 9.2% during the fourth quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company's stock worth $941,000 after acquiring an additional 9,029 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Cybin during the fourth quarter worth approximately $94,000. 17.94% of the stock is currently owned by institutional investors.

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.