HC Wainwright Has Lowered Expectations for Cybin (NYSE:CYBN) Stock Price

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

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

Cybin Stock Up 0.6 %

NYSE CYBN opened at $9.53 on Thursday. The business has a 50 day moving average price of $9.59. Cybin has a 1 year low of $6.50 and a 1 year high of $19.85. The stock has a market cap of $200.38 million, a PE ratio of -1.43 and a beta of 0.46.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC lifted its stake in Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company’s stock worth $447,000 after purchasing an additional 1,567 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Cybin in the 4th quarter worth approximately $46,000. Boothbay Fund Management LLC boosted its stake in Cybin by 9.2% in the fourth 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. Marshall Wace LLP bought a new position in Cybin during the fourth quarter valued at approximately $94,000. Finally, Cowa LLC bought a new position in Cybin during the fourth quarter valued at approximately $115,000. 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.