DCF Advisers LLC Purchases New Stake in Cybin Inc. (NYSE:CYBN)

Key Points

• DCF Advisers LLC has acquired a new stake in Cybin Inc. by purchasing 202,000 shares, valued at approximately $1.281 million, as reported in their recent SEC filing.
• Institutional investors combined own 17.94% of Cybin's stock, demonstrating growing institutional interest in the company.
• Recent analyst reports have varied, with Canaccord Genuity reducing their price target to $70.00 while maintaining a "buy" rating, illustrating differing outlooks within the analyst community.

DCF Advisers LLC purchased a new stake in shares of Cybin Inc. (NYSE:CYBN - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 202,000 shares of the company's stock, valued at approximately $1,281,000. DCF Advisers LLC owned about 0.94% of Cybin as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Tang Capital Management LLC raised its holdings in Cybin by 232.5% in the 4th quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company's stock worth $11,731,000 after purchasing an additional 930,097 shares during the period. Point72 Asset Management L.P. purchased a new stake in Cybin in the fourth quarter valued at approximately $7,938,000. Acorn Capital Advisors LLC purchased a new position in shares of Cybin during the fourth quarter worth $6,477,000. Boothbay Fund Management LLC raised its holdings in shares of Cybin by 9.2% in the 4th quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company's stock valued at $941,000 after buying an additional 9,029 shares during the period. Finally, AdvisorShares Investments LLC lifted its position in shares of Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company's stock worth $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.

Analyst Upgrades and Downgrades

CYBN has been the topic of several recent analyst reports. Canaccord Genuity Group dropped their target price on Cybin from $73.00 to $70.00 and set a "buy" rating on the stock in a report on Tuesday, July 8th. Cantor Fitzgerald upgraded shares of Cybin to a "strong-buy" rating in a research note on Tuesday, May 13th.

Cybin Trading Up 0.8%

Shares of CYBN traded up $0.06 during mid-day trading on Thursday, hitting $7.52. 116,301 shares of the company's stock were exchanged, compared to its average volume of 313,378. Cybin Inc. has a fifty-two week low of $4.81 and a fifty-two week high of $13.88. The business's 50 day moving average is $8.00 and its two-hundred day moving average is $7.78. The firm has a market capitalization of $177.40 million, a P/E ratio of -1.72 and a beta of 0.68.

Cybin 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.