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

Cybin (NYSE:CYBN - Free Report) had its price objective reduced by Canaccord Genuity Group from $86.00 to $73.00 in a research report sent to investors on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Separately, HC Wainwright restated a "buy" rating and issued a $190.00 price target on shares of Cybin in a report on Monday, January 27th.

Cybin Stock Performance

NYSE CYBN traded up $0.06 during mid-day trading on Wednesday, reaching $9.53. 806,342 shares of the stock were exchanged, compared to its average volume of 264,085. Cybin has a one year low of $6.50 and a one year high of $19.85. The company has a 50 day moving average of $9.59. The stock has a market cap of $192.98 million, a PE ratio of -1.43 and a beta of 0.46.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in Cybin during the second quarter worth about $36,000. Global Retirement Partners LLC purchased a new position in Cybin during the fourth quarter worth about $46,000. Cowa LLC purchased a new position in Cybin during the fourth quarter worth about $115,000. Essential Planning LLC. purchased a new position in Cybin during the fourth quarter worth about $138,000. Finally, Fore Capital LLC boosted its holdings in Cybin by 70.6% during the fourth quarter. Fore Capital LLC now owns 31,421 shares of the company's stock worth $277,000 after purchasing an additional 13,000 shares during the last quarter. 17.94% of the stock is currently 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.