Canaccord Genuity Group Cuts Cybin (NYSE:CYBN) Price Target to $70.00

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

Several other research firms also recently weighed in on CYBN. Guggenheim started coverage on Cybin in a research report on Thursday, March 13th. They set a "buy" rating and a $35.00 target price for the company. Cantor Fitzgerald upgraded Cybin to a "strong-buy" rating in a report on Tuesday, May 13th.

Cybin Trading Up 1.1%

Shares of CYBN stock traded up $0.08 on Tuesday, reaching $7.60. The company's stock had a trading volume of 408,691 shares, compared to its average volume of 283,764. The stock's fifty day simple moving average is $7.68 and its 200-day simple moving average is $8.00. Cybin has a 1 year low of $4.81 and a 1 year high of $13.88. The company has a market capitalization of $174.98 million, a price-to-earnings ratio of -1.73 and a beta of 0.69.

Institutional Investors Weigh In On Cybin

Several institutional investors have recently added to or reduced their stakes in CYBN. Tang Capital Management LLC increased its position in shares of Cybin by 232.5% during the 4th quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company's stock valued at $11,731,000 after purchasing an additional 930,097 shares during the period. Point72 Asset Management L.P. bought a new position in Cybin during the fourth quarter valued at about $7,938,000. Acorn Capital Advisors LLC bought a new position in Cybin in the 4th quarter valued at $6,477,000. DCF Advisers LLC bought a new stake in Cybin during the 1st quarter worth about $1,281,000. Finally, Pale Fire Capital SE grew its holdings in Cybin by 85.2% during the 1st quarter. Pale Fire Capital SE now owns 112,805 shares of the company's stock worth $715,000 after acquiring an additional 51,893 shares during the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

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.