Cybin (NYSE:CYBN) Earns Buy Rating from HC Wainwright

Cybin (NYSE:CYBN)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $190.00 target price on the stock.

Several other analysts have also recently commented on CYBN. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st. Canaccord Genuity Group decreased their target price on Cybin from $96.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday.

Cybin Stock Up 2.2 %

Shares of Cybin stock traded up $0.25 during midday trading on Monday, hitting $11.85. The company’s stock had a trading volume of 2,047,771 shares, compared to its average volume of 170,105. The stock has a market cap of $236.91 million, a PE ratio of -1.78 and a beta of 0.38. Cybin has a 1-year low of $6.50 and a 1-year high of $21.66.

Institutional Trading of Cybin

A number of institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in Cybin during the second quarter valued at $36,000. AdvisorShares Investments LLC boosted its position in Cybin by 13.4% during the second quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after purchasing an additional 220,403 shares during the last quarter. Rosalind Advisors Inc. raised its holdings in Cybin by 38.3% during the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after buying an additional 5,340,000 shares in the last quarter. RA Capital Management L.P. bought a new position in Cybin during the first quarter valued at about $24,041,000. Finally, Ikarian Capital LLC bought a new position in Cybin during the first quarter valued at 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.