Cybin (NYSE:CYBN) Trading Down 0.6% - Here's What Happened

Key Points

• Cybin's shares fell by 0.6% on Friday, closing at $7.99, with trading volume down by 19% from the average.
• Analyst reports show varying outlooks, with Canaccord Genuity lowering their target price from $73.00 to $70.00 while maintaining a "buy" rating, and Cantor Fitzgerald upgrading to a "strong-buy."
• Institutional investors have increased their stake in Cybin, with significant contributions from National Bank of Canada, which raised its holdings by 3,546.5% in the first quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CYBN shares. Cantor Fitzgerald upgraded Cybin to a "strong-buy" rating in a research note on Tuesday, May 13th. Canaccord Genuity Group lowered their price objective on Cybin from $73.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th.

Cybin Trading Down 2.5%

The firm's 50-day moving average price is $7.99 and its 200 day moving average price is $7.84. The company has a market capitalization of $178.03 million, a price-to-earnings ratio of -1.73 and a beta of 0.69.

Institutional Trading of Cybin

Large investors have recently bought and sold shares of the business. National Bank of Canada FI boosted its stake in Cybin by 3,546.5% in the first 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 acquired a new stake in shares of Cybin during the fourth quarter valued at about $94,000. Diametric Capital LP acquired a new stake in shares of Cybin during the fourth quarter valued at about $157,000. PEAK6 LLC acquired a new stake in shares of Cybin during the first quarter valued at about $167,000. Finally, AdvisorShares Investments LLC boosted its stake in shares of Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company's stock valued at $447,000 after purchasing an additional 1,567 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

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.