Cybin (NYSE:CYBN) Price Target Lowered to $73.00 at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price target reduced by Canaccord Genuity Group from $86.00 to $73.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Separately, HC Wainwright reissued a “buy” rating and set a $190.00 price target on shares of Cybin in a report on Monday, January 27th.

Cybin Trading Down 0.3 %

Shares of NYSE CYBN opened at $9.36 on Wednesday. Cybin has a 12-month low of $6.50 and a 12-month high of $19.85. The company has a market cap of $189.54 million, a P/E ratio of -1.40 and a beta of 0.46. The business has a 50 day moving average of $9.64.

Hedge Funds Weigh In On Cybin

Several hedge funds and other institutional investors have recently made changes to their positions in CYBN. Sanctuary Advisors LLC bought a new stake in Cybin during the 2nd quarter valued at $36,000. Global Retirement Partners LLC acquired a new position in shares of Cybin during the fourth quarter valued at $46,000. Cowa LLC bought a new stake in shares of Cybin during the fourth quarter valued at about $115,000. Essential Planning LLC. acquired a new stake in Cybin in the fourth quarter worth about $138,000. Finally, Diametric Capital LP bought a new position in Cybin in the 4th quarter valued at about $157,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.