HC Wainwright Cuts Cybin (NYSE:CYBN) Price Target to $150.00

Cybin (NYSE:CYBN) had its target price dropped by equities research analysts at HC Wainwright from $190.00 to $150.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, Canaccord Genuity Group dropped their price target on shares of Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday.

Cybin Stock Performance

NYSE CYBN opened at $9.36 on Thursday. Cybin has a 52 week low of $6.50 and a 52 week high of $19.85. The business’s fifty day moving average is $9.64. The stock has a market cap of $189.54 million, a price-to-earnings ratio of -1.40 and a beta of 0.46.

Hedge Funds Weigh In On Cybin

A number of hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC acquired a new position in Cybin in the second quarter valued at about $36,000. Knott David M Jr purchased a new stake in shares of Cybin in the 4th quarter valued at approximately $533,000. Fore Capital LLC lifted its holdings in shares of Cybin by 70.6% in the 4th quarter. Fore Capital LLC now owns 31,421 shares of the company’s stock worth $277,000 after acquiring an additional 13,000 shares during the last quarter. Diametric Capital LP purchased a new position in shares of Cybin during the 4th quarter worth approximately $157,000. Finally, Essential Planning LLC. purchased a new position in shares of Cybin during the 4th quarter worth approximately $138,000. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.