Canaccord Genuity Group Lowers Cybin (NYSE:CYBN) Price Target to $96.00

Cybin (NYSE:CYBN) had its price objective cut by investment analysts at Canaccord Genuity Group from $114.00 to $96.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock.

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

Cybin Trading Up 3.1 %

NYSE:CYBN traded up $0.28 during mid-day trading on Monday, hitting $9.46. 140,879 shares of the company’s stock traded hands, compared to its average volume of 134,456. Cybin has a 1 year low of $6.50 and a 1 year high of $28.04. The stock has a market capitalization of $3.89 billion, a P/E ratio of -47.60 and a beta of 0.42. The business has a 50 day simple moving average of $0.60.

Cybin (NYSE:CYBN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) EPS for the quarter. Research analysts anticipate that Cybin will post -0.08 earnings per share for the current year.

Institutional Investors Weigh In On Cybin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. acquired a new position in shares of Cybin in the 1st quarter valued at approximately $24,041,000. Rosalind Advisors Inc. increased 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 purchasing an additional 5,340,000 shares during the last quarter. Ikarian Capital LLC acquired a new position in shares of Cybin during the 1st quarter worth $5,770,000. AWM Investment Company Inc. bought a new stake in shares of Cybin during the 1st quarter worth $930,000. Finally, AdvisorShares Investments LLC increased its position in Cybin by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock worth $494,000 after purchasing an additional 220,403 shares in the last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

Cybin Company Profile

Cybin Inc is a biotechnology company. It is focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders. Cybin Inc is based in Toronto, Canada.