Cybin (NYSEAMERICAN:CYBN) Trading 2% Higher – Still a Buy?

Cybin Inc. (NYSEAMERICAN:CYBN)’s stock price shot up 2% during mid-day trading on Thursday . The company traded as high as $6.15 and last traded at $6.07. 879,432 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 1,070,508 shares. The stock had previously closed at $5.95.

Cybin Stock Down 1.5%

The company has a quick ratio of 9.87, a current ratio of 9.87 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $6.24 and a 200-day simple moving average of $7.10.

Institutional Investors Weigh In On Cybin

Several large investors have recently made changes to their positions in CYBN. Osaic Holdings Inc. raised its holdings in shares of Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares during the period. Bank of America Corp DE lifted its holdings in shares of Cybin by 66.8% in the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after purchasing an additional 11,790 shares in the last quarter. Bollard Group LLC acquired a new position in shares of Cybin during the second quarter worth about $1,317,000. Cowa LLC grew its holdings in shares of Cybin by 12.8% during the second quarter. Cowa LLC now owns 13,200 shares of the company’s stock worth $111,000 after buying an additional 1,500 shares in the last quarter. Finally, AdvisorShares Investments LLC raised its position in Cybin by 46.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 88,383 shares of the company’s stock valued at $742,000 after buying an additional 28,000 shares during the last quarter. Institutional investors own 17.94% of the company’s stock.

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.