Cybin Inc. (NYSE:CYBN - Get Free Report) shares rose 2.9% during trading on Thursday . The company traded as high as $7.26 and last traded at $7.12. Approximately 189,129 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 236,112 shares. The stock had previously closed at $6.92.
Wall Street Analysts Forecast Growth
CYBN has been the topic of several recent research reports. Guggenheim began coverage on Cybin in a research report on Thursday, March 13th. They issued a "buy" rating and a $35.00 price target on the stock. HC Wainwright lowered their target price on Cybin from $190.00 to $150.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Finally, Canaccord Genuity Group reduced their target price on shares of Cybin from $86.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, February 12th.
View Our Latest Analysis on Cybin
Cybin Price Performance
The firm has a market capitalization of $144.33 million, a price-to-earnings ratio of -1.53 and a beta of 0.61. The business's fifty day simple moving average is $7.06 and its 200 day simple moving average is $8.98.
Institutional Trading of Cybin
Several hedge funds have recently made changes to their positions in CYBN. Global Retirement Partners LLC bought a new stake in Cybin during the 4th quarter worth approximately $46,000. Knott David M Jr purchased a new position in Cybin in the 4th quarter worth approximately $533,000. Cowa LLC purchased a new position in shares of Cybin in the fourth quarter worth $115,000. Boothbay Fund Management LLC grew its stake in shares of Cybin by 9.2% in the fourth quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company's stock worth $941,000 after purchasing an additional 9,029 shares during the last quarter. Finally, Essential Planning LLC. purchased a new position in shares of Cybin during the fourth quarter valued at approximately $138,000. 17.94% of the stock is currently owned by institutional investors.
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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