Cybin (NYSE:CYBN) Shares Gap Down – Time to Sell?

Cybin Inc. (NYSE:CYBN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $9.78, but opened at $9.30. Cybin shares last traded at $9.70, with a volume of 26,558 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Cybin in a research note on Friday, August 23rd. Canaccord Genuity Group lowered their price objective on shares of Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cybin in a research note on Wednesday, July 31st.

Cybin Stock Down 1.2 %

The firm has a market cap of $3.99 billion, a PE ratio of -48.50 and a beta of 0.41.

Cybin (NYSE:CYBN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter. As a group, analysts expect that Cybin Inc. will post -2.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC acquired a new stake in shares of Cybin in the 2nd quarter valued at $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 during the last quarter. Rosalind Advisors Inc. boosted its position in shares of Cybin by 38.3% during the 2nd 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 in the last quarter. RA Capital Management L.P. purchased a new position in shares of Cybin in the 1st quarter valued at about $24,041,000. Finally, Ikarian Capital LLC acquired a new stake in shares of Cybin during the 1st quarter worth about $5,770,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.