Cybin (NYSE:CYBN) Earns Buy Rating from Analysts at Guggenheim

Research analysts at Guggenheim started coverage on shares of Cybin (NYSE:CYBN) in a research note issued on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 376.84% from the company’s previous close.

A number of other brokerages have also weighed in on CYBN. Canaccord Genuity Group lowered their price objective on Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. HC Wainwright decreased their price target on shares of Cybin from $190.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, February 13th.

Cybin Stock Up 2.7 %

Shares of Cybin stock opened at $7.34 on Thursday. Cybin has a 1-year low of $6.50 and a 1-year high of $19.85. The firm has a market capitalization of $157.64 million, a P/E ratio of -1.68 and a beta of 0.50. The firm’s 50-day simple moving average is $9.08.

Institutional Investors Weigh In On Cybin

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in Cybin in the fourth quarter worth $46,000. Marshall Wace LLP acquired a new position in shares of Cybin in the 4th quarter valued at about $94,000. Cowa LLC bought a new stake in shares of Cybin during the 4th quarter valued at about $115,000. Essential Planning LLC. acquired a new stake in Cybin during the fourth quarter worth about $138,000. Finally, Diametric Capital LP acquired a new stake in Cybin during the fourth quarter worth about $157,000. 17.94% of the stock is owned by institutional investors and hedge funds.

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.