Canaccord Genuity Group Lowers Cybin (NYSE:CYBN) Price Target to $96.00

Cybin (NYSE:CYBN - Get Free Report) had its target price cut by equities researchers at Canaccord Genuity Group from $114.00 to $96.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock.

Several other equities analysts have also commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cybin in a research note on Wednesday, July 31st. HC Wainwright reaffirmed a "buy" rating and issued a $5.00 target price on shares of Cybin in a research report on Friday, August 23rd.

Cybin Stock Performance

Shares of CYBN traded up $0.43 during mid-day trading on Monday, reaching $9.61. The stock had a trading volume of 275,186 shares, compared to its average volume of 135,180. The company has a fifty day moving average of $0.60. Cybin has a 52-week low of $6.50 and a 52-week high of $28.04. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -47.25 and a beta of 0.42.

Cybin (NYSE:CYBN - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter. As a group, research analysts forecast that Cybin will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Cybin

A number of hedge funds and other institutional investors have recently bought and sold shares of CYBN. Sanctuary Advisors LLC acquired a new stake in shares of Cybin during the second quarter worth about $36,000. AdvisorShares Investments LLC lifted its holdings in Cybin by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company's stock worth $494,000 after buying an additional 220,403 shares in the last quarter. PEAK6 Investments LLC purchased a new position in Cybin in the 1st quarter valued at approximately $95,000. AWM Investment Company Inc. acquired a new position in shares of Cybin in the first quarter worth $930,000. Finally, Rosalind Advisors Inc. increased its position in shares of Cybin by 38.3% during the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company's stock worth $5,230,000 after acquiring an additional 5,340,000 shares during the period. 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.