Cybin (NYSE:CYBN) Trading Down 5.1% - Here's What Happened

Shares of Cybin Inc. (NYSE:CYBN - Get Free Report) dropped 5.1% during mid-day trading on Monday . The stock traded as low as $8.33 and last traded at $8.45. Approximately 323,654 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 262,310 shares. The stock had previously closed at $8.90.

Analysts Set New Price Targets

CYBN has been the topic of a number of analyst reports. Cantor Fitzgerald raised Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright decreased their price target on Cybin from $190.00 to $150.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Finally, Guggenheim started coverage on shares of Cybin in a research report on Thursday, March 13th. They set a "buy" rating and a $35.00 price objective for the company.

Cybin Trading Down 3.5%

The firm has a 50-day moving average of $7.18 and a two-hundred day moving average of $8.29. The firm has a market capitalization of $191.30 million, a P/E ratio of -1.91 and a beta of 0.68.

Hedge Funds Weigh In On Cybin

A number of institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in shares of Cybin during the fourth quarter worth $46,000. Point72 Asset Management L.P. acquired a new position in Cybin in the 4th quarter worth about $7,938,000. Marshall Wace LLP acquired a new position in Cybin in the 4th quarter worth about $94,000. Knott David M Jr bought a new position in Cybin in the fourth quarter valued at about $533,000. Finally, Acorn Capital Advisors LLC acquired a new stake in shares of Cybin during the fourth quarter valued at about $6,477,000. 17.94% of the stock is currently 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.