Tang Capital Management LLC Has $11.73 Million Stake in Cybin Inc. (NYSE:CYBN)

Tang Capital Management LLC lifted its stake in Cybin Inc. (NYSE:CYBN - Free Report) by 232.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,330,097 shares of the company's stock after acquiring an additional 930,097 shares during the quarter. Tang Capital Management LLC owned approximately 6.57% of Cybin worth $11,731,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CYBN. Global Retirement Partners LLC bought a new position in shares of Cybin during the fourth quarter worth approximately $46,000. Marshall Wace LLP bought a new position in shares of Cybin during the fourth quarter worth approximately $94,000. Cowa LLC bought a new position in shares of Cybin during the fourth quarter worth approximately $115,000. Essential Planning LLC. bought a new position in shares of Cybin during the fourth quarter worth approximately $138,000. Finally, Diametric Capital LP bought a new position in shares of Cybin during the fourth quarter worth approximately $157,000. Institutional investors and hedge funds own 17.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Canaccord Genuity Group cut their price target on Cybin from $86.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday, February 12th. HC Wainwright cut their price target on Cybin from $190.00 to $150.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Cantor Fitzgerald upgraded Cybin to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, Guggenheim assumed coverage on Cybin in a research note on Thursday, March 13th. They issued a "buy" rating and a $35.00 price target for the company.

Cybin Trading Up 0.1%

NYSE CYBN traded up $0.01 on Wednesday, hitting $7.02. 302,076 shares of the company's stock were exchanged, compared to its average volume of 251,768. The stock has a 50-day moving average of $6.70 and a 200-day moving average of $8.58. Cybin Inc. has a 52 week low of $4.81 and a 52 week high of $13.88. The stock has a market cap of $150.77 million, a price-to-earnings ratio of -1.60 and a beta of 0.60.

About Cybin

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.