Cybin (NYSE:CYBN - Get Free Report) had its price target reduced by Canaccord Genuity Group from $73.00 to $70.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock.
A number of other analysts have also recently commented on the stock. Cantor Fitzgerald upgraded shares of Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th. Guggenheim began coverage on shares of Cybin in a research report on Thursday, March 13th. They issued a "buy" rating and a $35.00 price objective for the company.
Check Out Our Latest Analysis on Cybin
Cybin Price Performance
Shares of Cybin stock traded down $0.14 on Tuesday, hitting $7.49. 232,916 shares of the company's stock traded hands, compared to its average volume of 281,588. Cybin has a one year low of $4.81 and a one year high of $13.88. The firm's 50-day moving average price is $7.64 and its two-hundred day moving average price is $8.01. The stock has a market capitalization of $172.45 million, a PE ratio of -1.71 and a beta of 0.69.
Hedge Funds Weigh In On Cybin
Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new position in shares of Cybin in the 4th quarter valued at about $7,938,000. Marshall Wace LLP bought a new position in shares of Cybin in the 4th quarter valued at about $94,000. Knott David M Jr bought a new position in shares of Cybin in the 4th quarter valued at about $533,000. Acorn Capital Advisors LLC bought a new position in shares of Cybin in the 4th quarter valued at about $6,477,000. Finally, Tang Capital Management LLC grew its holdings in Cybin by 232.5% during the fourth quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company's stock worth $11,731,000 after purchasing an additional 930,097 shares during the period. Institutional investors own 17.94% of the company's stock.
About Cybin
(
Get Free Report)
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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