Cybin (NYSE:CYBN) Shares Down 0.6% - Should You Sell?

Cybin Inc. (NYSE:CYBN - Get Free Report)'s share price was down 0.6% on Friday . The stock traded as low as $7.80 and last traded at $7.99. Approximately 256,428 shares changed hands during trading, a decline of 19% from the average daily volume of 316,031 shares. The stock had previously closed at $8.04.

Analyst Upgrades and Downgrades

CYBN has been the subject of a number of recent analyst reports. Canaccord Genuity Group decreased their target price on shares of Cybin from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, July 8th. Cantor Fitzgerald raised shares of Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th.

Cybin Trading Down 0.6%

The company has a market cap of $188.48 million, a P/E ratio of -1.82 and a beta of 0.69. The firm's 50 day moving average price is $7.99 and its 200-day moving average price is $7.87.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. National Bank of Canada FI increased its position in shares of Cybin by 3,546.5% in 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. Marshall Wace LLP bought a new position in Cybin in the fourth quarter valued at approximately $94,000. Diametric Capital LP bought a new position in Cybin in the fourth quarter valued at approximately $157,000. PEAK6 LLC bought a new position in Cybin in the first quarter valued at approximately $167,000. Finally, Knott David M Jr lifted its stake in Cybin by 10.6% in the first quarter. Knott David M Jr now owns 66,880 shares of the company's stock valued at $424,000 after buying an additional 6,434 shares in the last quarter. 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.

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.