Canaccord Genuity Group Issues Pessimistic Forecast for Cybin (NYSE:CYBN) Stock Price

Cybin (NYSE:CYBN) had its target price decreased by Canaccord Genuity Group from $96.00 to $86.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock.

A number of other equities research analysts also recently issued reports on CYBN. Cantor Fitzgerald reissued an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st. HC Wainwright restated a “buy” rating and set a $5.00 target price on shares of Cybin in a research note on Friday, August 23rd.

Cybin Stock Performance

Shares of NYSE:CYBN opened at $11.65 on Thursday. The company has a market cap of $232.88 million, a P/E ratio of -1.74 and a beta of 0.38. Cybin has a 1 year low of $6.50 and a 1 year high of $21.66.

Institutional Investors Weigh In On Cybin

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC bought a new position in shares of Cybin in the 2nd quarter valued at $36,000. AdvisorShares Investments LLC lifted its stake in shares of Cybin by 13.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after acquiring an additional 220,403 shares during the last quarter. Rosalind Advisors Inc. lifted its stake in shares of 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 acquiring an additional 5,340,000 shares during the last quarter. RA Capital Management L.P. bought a new position in shares of Cybin in the 1st quarter valued at $24,041,000. Finally, Ikarian Capital LLC bought a new position in shares of Cybin in the 1st quarter valued at $5,770,000. 17.94% of the stock is currently owned by institutional investors.

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.