Pale Fire Capital SE Purchases 51,893 Shares of Cybin Inc. $CYBN

Key Points

• Pale Fire Capital SE increased its holdings in Cybin Inc. by 85.2%, acquiring an additional 51,893 shares, bringing its total to 112,805 shares.
• National Bank of Canada FI significantly expanded its investment in Cybin, boosting its holdings by 3,546.5% to own 5,251 shares valued at $33,000.
• Shares of Cybin Inc. have seen a price increase of 3.3%, with an opening price of $7.15 and a market capitalization of $168.67 million.

Pale Fire Capital SE increased its position in shares of Cybin Inc. (NYSE:CYBN - Free Report) by 85.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 112,805 shares of the company's stock after buying an additional 51,893 shares during the quarter. Cybin accounts for 0.1% of Pale Fire Capital SE's portfolio, making the stock its 28th biggest holding. Pale Fire Capital SE owned approximately 0.53% of Cybin worth $715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Tang Capital Management LLC grew its position in Cybin by 232.5% during the fourth quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company's stock worth $11,731,000 after buying an additional 930,097 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Cybin during the fourth quarter worth about $7,938,000. Acorn Capital Advisors LLC acquired a new stake in Cybin during the fourth quarter worth about $6,477,000. DCF Advisers LLC acquired a new stake in Cybin during the first quarter worth about $1,281,000. Finally, Boothbay Fund Management LLC grew its position in Cybin by 9.2% during the fourth quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company's stock worth $941,000 after buying an additional 9,029 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

Cybin Stock Performance

NYSE CYBN traded down $0.17 during trading on Friday, reaching $7.47. 226,567 shares of the company traded hands, compared to its average volume of 322,702. The stock's 50 day moving average price is $7.65 and its two-hundred day moving average price is $7.51. The company has a market cap of $176.22 million, a price-to-earnings ratio of -1.71 and a beta of 0.68. Cybin Inc. has a 1-year low of $4.81 and a 1-year high of $13.88.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CYBN. Cantor Fitzgerald raised Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th. Canaccord Genuity Group decreased their target price on Cybin from $73.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, Cybin has an average rating of "Buy" and a consensus price target of $85.00.

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.