Cybin (NYSE:CYBN) Coverage Initiated at Guggenheim

Investment analysts at Guggenheim initiated coverage on shares of Cybin (NYSE:CYBN) in a report issued on Thursday, Marketbeat.com reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. Guggenheim’s price target would suggest a potential upside of 362.35% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group cut their target price on shares of Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. HC Wainwright cut their target price 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 Price Performance

Shares of NYSE CYBN opened at $7.57 on Thursday. Cybin has a 52 week low of $6.50 and a 52 week high of $17.86. The company has a 50-day moving average of $8.98. The firm has a market capitalization of $162.58 million, a PE ratio of -1.73 and a beta of 0.50.

Hedge Funds Weigh In On Cybin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tang Capital Management LLC raised its position in shares of Cybin by 232.5% in the fourth quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company’s stock valued at $11,731,000 after buying an additional 930,097 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Cybin in the fourth quarter valued at approximately $7,938,000. Acorn Capital Advisors LLC acquired a new position in shares of Cybin in the fourth quarter valued at approximately $6,477,000. Boothbay Fund Management LLC raised its position in shares of Cybin by 9.2% in the fourth quarter. Boothbay Fund Management LLC now owns 106,665 shares of the company’s stock valued at $941,000 after buying an additional 9,029 shares during the last quarter. Finally, Knott David M Jr acquired a new position in shares of Cybin in the fourth quarter valued at approximately $533,000. 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.