Canaccord Genuity Group Cuts Cybin (NYSE:CYBN) Price Target to $73.00

Cybin (NYSE:CYBN) had its target price trimmed by Canaccord Genuity Group from $86.00 to $73.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright reiterated a “buy” rating and set a $190.00 price target on shares of Cybin in a research note on Monday, January 27th.

Cybin Stock Performance

Shares of NYSE CYBN opened at $9.53 on Wednesday. The stock has a market capitalization of $200.38 million, a PE ratio of -1.43 and a beta of 0.46. Cybin has a twelve month low of $6.50 and a twelve month high of $19.85. The company has a 50 day moving average price of $9.59.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Cybin in the 2nd quarter valued at $36,000. Global Retirement Partners LLC acquired a new position in shares of Cybin during the fourth quarter worth about $46,000. Cowa LLC purchased a new position in Cybin during the fourth quarter worth about $115,000. Essential Planning LLC. acquired a new stake in Cybin in the fourth quarter valued at about $138,000. Finally, Fore Capital LLC boosted its holdings in Cybin by 70.6% in the 4th quarter. Fore Capital LLC now owns 31,421 shares of the company’s stock valued at $277,000 after purchasing an additional 13,000 shares in the last quarter. Institutional investors and hedge funds own 17.94% of the company’s stock.

About Cybin

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.