Cybin (NYSE:CYBN) Shares Down 7.4% – Here’s What Happened

Cybin Inc. (NYSE:CYBN)’s stock price was down 7.4% on Monday . The stock traded as low as $10.52 and last traded at $10.57. Approximately 119,121 shares traded hands during trading, a decline of 18% from the average daily volume of 144,439 shares. The stock had previously closed at $11.41.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Cybin in a research report on Friday, August 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cybin in a report on Wednesday, July 31st. Finally, Canaccord Genuity Group cut their price target on Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, September 23rd.

Cybin Stock Performance

The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of -54.10 and a beta of 0.41.

Cybin (NYSE:CYBN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter. As a group, equities analysts predict that Cybin Inc. will post -2.85 earnings per share for the current fiscal year.

Institutional Trading of Cybin

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

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.