Cybin (NYSE:CYBN) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Cybin (NYSE:CYBN - Free Report) in a report published on Monday,Benzinga reports. They currently have a $190.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Cybin in a research report on Wednesday, July 31st. Canaccord Genuity Group dropped their target price on Cybin from $96.00 to $86.00 and set a "buy" rating for the company in a report on Thursday.

Cybin Trading Down 8.6 %

NYSE CYBN traded down $1.00 on Monday, reaching $10.60. 2,961,223 shares of the stock were exchanged, compared to its average volume of 174,223. The stock has a market cap of $211.92 million, a price-to-earnings ratio of -1.78 and a beta of 0.38. Cybin has a one year low of $6.50 and a one year high of $21.66.

Hedge Funds Weigh In On Cybin

A number of large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in Cybin in the second quarter valued at approximately $36,000. AdvisorShares Investments LLC grew its position in shares of Cybin by 13.4% in the second quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company's stock valued at $494,000 after purchasing an additional 220,403 shares during the period. Rosalind Advisors Inc. lifted its stake in Cybin by 38.3% in the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company's stock valued at $5,230,000 after buying an additional 5,340,000 shares in the last quarter. RA Capital Management L.P. acquired a new stake in Cybin in the 1st quarter worth about $24,041,000. Finally, Ikarian Capital LLC purchased a new stake in Cybin during the 1st quarter worth approximately $5,770,000. 17.94% of the stock is owned by institutional investors and hedge funds.

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.