Cybin (NYSE:CYBN) Sees Large Volume Increase

Cybin Inc. (NYSE:CYBN) shares saw strong trading volume on Monday . 81,682 shares changed hands during trading, a decline of 39% from the previous session’s volume of 134,133 shares.The stock last traded at $9.37 and had previously closed at $9.18.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CYBN. HC Wainwright restated a “buy” rating and issued a $5.00 price objective on shares of Cybin in a report on Friday, August 23rd. Canaccord Genuity Group decreased their price target on shares of Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research report on Monday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st.

Cybin Stock Performance

The firm has a market capitalization of $3.90 billion, a P/E ratio of -47.45 and a beta of 0.42. The business’s 50-day moving average is $0.60.

Cybin (NYSE:CYBN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter. On average, equities analysts predict that Cybin Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cybin

Several institutional investors have recently modified their holdings of CYBN. RA Capital Management L.P. purchased a new stake in shares of Cybin during the 1st quarter worth $24,041,000. Ikarian Capital LLC purchased a new stake in shares of Cybin during the 1st quarter worth $5,770,000. Rosalind Advisors Inc. lifted its position in shares of Cybin by 38.3% during the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock worth $5,230,000 after purchasing an additional 5,340,000 shares during the last quarter. AWM Investment Company Inc. purchased a new stake in shares of Cybin during the 1st quarter worth $930,000. Finally, PEAK6 Investments LLC acquired a new stake in Cybin during the 1st quarter worth $95,000. 17.94% of the stock is owned by hedge funds and other institutional investors.

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.