Tang Capital Management LLC boosted its stake in shares of Cybin Inc. (NYSE:CYBN - Free Report) by 232.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 6.57% of Cybin worth $11,731,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in shares of Cybin during the 4th quarter valued at $46,000. Point72 Asset Management L.P. bought a new stake in Cybin in the fourth quarter valued at about $7,938,000. Marshall Wace LLP acquired a new position in Cybin in the fourth quarter valued at about $94,000. Knott David M Jr acquired a new position in shares of Cybin during the 4th quarter worth about $533,000. Finally, Acorn Capital Advisors LLC acquired a new stake in shares of Cybin in the 4th quarter valued at approximately $6,477,000. 17.94% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently commented on CYBN. Cantor Fitzgerald upgraded shares of Cybin to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright dropped their target price on shares of Cybin from $190.00 to $150.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Guggenheim began coverage on shares of Cybin in a research report on Thursday, March 13th. They set a "buy" rating and a $35.00 price objective for the company. Finally, Canaccord Genuity Group decreased their price objective on Cybin from $86.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, February 12th.
Read Our Latest Research Report on CYBN
Cybin Stock Performance
Shares of CYBN stock traded down $0.14 during midday trading on Friday, hitting $7.13. 77,066 shares of the company were exchanged, compared to its average volume of 251,467. Cybin Inc. has a 52 week low of $4.81 and a 52 week high of $13.88. The firm has a market capitalization of $153.02 million, a P/E ratio of -1.63 and a beta of 0.60. The firm's 50 day moving average price is $6.69 and its two-hundred day moving average price is $8.54.
Cybin Profile
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Free Report)
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.
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