Cybin (NYSE:CYBN) Upgraded at Cantor Fitzgerald

Cybin (NYSE:CYBN - Get Free Report) was upgraded by equities researchers at Cantor Fitzgerald to a "strong-buy" rating in a research note issued on Tuesday, May 13th,Zacks.com reports.

CYBN has been the topic of several other reports. Canaccord Genuity Group decreased their price target on shares of Cybin from $86.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. HC Wainwright decreased their target price on shares of 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 issued a "buy" rating and a $35.00 price target for the company.

Cybin Stock Performance

Shares of NYSE CYBN traded down $0.34 during trading hours on Tuesday, reaching $7.17. 836,665 shares of the stock were exchanged, compared to its average volume of 248,067. The stock's fifty day simple moving average is $6.71 and its 200 day simple moving average is $8.59. The firm has a market capitalization of $153.88 million, a price-to-earnings ratio of -1.63 and a beta of 0.60. Cybin has a 52 week low of $4.81 and a 52 week high of $13.88.

Institutional Investors Weigh In On Cybin

Institutional investors and hedge funds have recently bought and sold shares of the company. Tang Capital Management LLC grew its position in Cybin by 232.5% in the fourth quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company's stock valued at $11,731,000 after acquiring an additional 930,097 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Cybin in the 4th quarter worth approximately $7,938,000. Acorn Capital Advisors LLC bought a new stake in Cybin during the fourth quarter valued at $6,477,000. DCF Advisers LLC bought a new stake in shares of Cybin during the 1st quarter valued at about $1,281,000. Finally, Pale Fire Capital SE lifted its stake in Cybin by 85.2% in the first quarter. Pale Fire Capital SE now owns 112,805 shares of the company's stock valued at $715,000 after buying an additional 51,893 shares during the period. 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.