Canaccord Genuity Group Cuts Cybin (NYSE:CYBN) Price Target to $86.00

Cybin (NYSE:CYBN) had its price target lowered by Canaccord Genuity Group from $96.00 to $86.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

CYBN has been the topic of a number of other reports. Cantor Fitzgerald restated an “overweight” rating on shares of Cybin in a report on Wednesday, July 31st. HC Wainwright restated a “buy” rating and issued a $5.00 price target on shares of Cybin in a report on Friday, August 23rd.

Cybin Price Performance

Shares of CYBN opened at $11.60 on Thursday. Cybin has a 52-week low of $6.50 and a 52-week high of $21.66. The company has a market capitalization of $231.88 million, a P/E ratio of -1.74 and a beta of 0.38.

Institutional Trading of Cybin

A number of large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Cybin during the second quarter worth approximately $36,000. PEAK6 Investments LLC bought a new stake in Cybin in the 1st quarter valued at $95,000. 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 valued at $494,000 after purchasing an additional 220,403 shares during the last quarter. AWM Investment Company Inc. bought a new position in Cybin during the first quarter worth $930,000. Finally, Rosalind Advisors Inc. increased its holdings in shares of Cybin by 38.3% in the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after purchasing an additional 5,340,000 shares during the last quarter. Institutional investors and hedge funds 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.