Canaccord Genuity Group Has Lowered Expectations for Cybin (NYSE:CYBN) Stock Price

Cybin (NYSE:CYBN) had its price target cut by analysts at Canaccord Genuity Group from $86.00 to $73.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $190.00 price objective on shares of Cybin in a research report on Monday, January 27th.

Cybin Trading Up 1.2 %

Shares of Cybin stock opened at $9.47 on Wednesday. The firm has a market cap of $191.77 million, a price-to-earnings ratio of -1.42 and a beta of 0.46. The firm has a 50-day moving average of $9.62. Cybin has a 1 year low of $6.50 and a 1 year high of $19.85.

Institutional Investors Weigh In On Cybin

A number of institutional investors have recently modified their holdings of CYBN. Global Retirement Partners LLC bought a new position in Cybin in the 4th quarter worth about $46,000. Marshall Wace LLP bought a new position in Cybin in the 4th quarter worth about $94,000. Cowa LLC bought a new position in Cybin in the 4th quarter worth about $115,000. Fore Capital LLC grew its position in Cybin by 70.6% in the 4th 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. Finally, Essential Planning LLC. bought a new position in Cybin in the 4th quarter worth about $138,000. Institutional investors own 17.94% of the company’s stock.

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.