Cybin (NYSE:CYBN) Trading 6.1% Higher - Here's Why

Key Points

• Cybin Inc. (NYSE:CYBN) shares are currently up 6.1%, trading at $6.42 with a significant increase in trading volume.
• Analysts have lowered Cybin's price target from $73.00 to $70.00 while maintaining a "buy" rating, with a consensus price target of $85.00.
• Institutional investors have significantly increased their stakes in Cybin, with National Bank of Canada FI boosting its position by 3,546.5% during the first quarter.

Cybin Inc. (NYSE:CYBN - Get Free Report) shares traded up 6.1% on Tuesday . The company traded as high as $6.63 and last traded at $6.42. 1,496,459 shares were traded during mid-day trading, an increase of 314% from the average session volume of 361,349 shares. The stock had previously closed at $6.05.

Analyst Ratings Changes

Separately, Canaccord Genuity Group dropped their price target on Cybin from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $85.00.

Cybin Stock Up 6.1%

The stock has a market cap of $151.45 million, a P/E ratio of -1.47 and a beta of 0.68. The business has a 50-day simple moving average of $7.08 and a 200-day simple moving average of $7.22.

Institutional Investors Weigh In On Cybin

A number of large investors have recently added to or reduced their stakes in CYBN. National Bank of Canada FI boosted its position in 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 purchasing an additional 5,107 shares during the period. Osaic Holdings Inc. boosted its position in Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company's stock worth $63,000 after purchasing an additional 2,400 shares during the period. Cowa LLC boosted its position in Cybin by 12.8% during the second quarter. Cowa LLC now owns 13,200 shares of the company's stock worth $111,000 after purchasing an additional 1,500 shares during the period. PEAK6 LLC bought a new stake in Cybin during the first quarter worth approximately $167,000. Finally, Bank of America Corp DE boosted its position in Cybin by 66.8% during the second quarter. Bank of America Corp DE now owns 29,443 shares of the company's stock worth $247,000 after purchasing an additional 11,790 shares during the period. Institutional investors own 17.94% of the company's stock.

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.

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