Cybin (NYSE:CYBN) Coverage Initiated at Guggenheim

Analysts at Guggenheim assumed coverage on shares of Cybin (NYSE:CYBN) in a report released on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 376.84% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Canaccord Genuity Group dropped their price target on shares of Cybin from $86.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. HC Wainwright lowered their target price on Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th.

Cybin Stock Performance

CYBN stock opened at $7.34 on Thursday. The firm has a market cap of $157.64 million, a PE ratio of -1.68 and a beta of 0.50. The business has a 50-day moving average price of $9.08. Cybin has a fifty-two week low of $6.50 and a fifty-two week high of $19.85.

Institutional Trading of Cybin

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tang Capital Management LLC boosted its holdings in shares of Cybin by 232.5% in the fourth quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company’s stock valued at $11,731,000 after acquiring an additional 930,097 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Cybin during the 4th quarter valued at $7,938,000. Acorn Capital Advisors LLC acquired a new position in shares of Cybin during the 4th quarter valued at $6,477,000. AdvisorShares Investments LLC increased its position in shares of Cybin by 3.2% during the 4th quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company’s stock valued at $447,000 after purchasing an additional 1,567 shares during the period. Finally, Boothbay Fund Management LLC raised its stake in shares of Cybin by 9.2% in the 4th 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 currently owned by institutional investors.

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.