Point72 Asset Management L.P. Purchases New Position in Cybin Inc. (NYSE:CYBN)

Point72 Asset Management L.P. acquired a new position in Cybin Inc. (NYSE:CYBN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 899,999 shares of the company's stock, valued at approximately $7,938,000. Point72 Asset Management L.P. owned approximately 4.44% of Cybin as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in Cybin in the 4th quarter worth about $46,000. Marshall Wace LLP bought a new stake in Cybin in the 4th quarter worth about $94,000. Cowa LLC bought a new stake in Cybin in the 4th quarter worth about $115,000. Essential Planning LLC. bought a new stake in Cybin in the 4th quarter worth about $138,000. Finally, Diametric Capital LP bought a new stake in Cybin in the 4th quarter worth about $157,000. 17.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CYBN has been the subject of a number of research reports. 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 research report on Wednesday, February 12th. HC Wainwright reduced their target price on shares of Cybin from $190.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Cantor Fitzgerald raised shares of Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Guggenheim initiated coverage on shares of Cybin in a research report on Thursday, March 13th. They set a "buy" rating and a $35.00 target price for the company.

Cybin Price Performance

Shares of Cybin stock traded up $0.21 on Friday, reaching $7.47. 226,170 shares of the company traded hands, compared to its average volume of 253,604. Cybin Inc. has a 52 week low of $4.81 and a 52 week high of $13.88. The company has a 50 day moving average of $6.69 and a 200 day moving average of $8.52. The firm has a market capitalization of $160.43 million, a PE ratio of -1.71 and a beta of 0.60.

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.