Sphera Funds Management LTD. Trims Stock Position in Cybin Inc. (NYSE:CYBN)

Sphera Funds Management LTD. cut its holdings in shares of Cybin Inc. (NYSE:CYBN) by 42.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 538,111 shares of the company’s stock after selling 395,114 shares during the period. Sphera Funds Management LTD.’s holdings in Cybin were worth $4,746,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Cybin in the 4th quarter worth about $46,000. Cowa LLC acquired a new stake in Cybin in the 4th quarter worth about $115,000. Essential Planning LLC. acquired a new stake in Cybin in the 4th quarter worth about $138,000. 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 worth $277,000 after buying an additional 13,000 shares during the last quarter. Finally, Diametric Capital LP acquired a new stake in Cybin in the 4th quarter worth about $157,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

Cybin Price Performance

CYBN opened at $6.56 on Friday. The company’s 50 day simple moving average is $6.72 and its two-hundred day simple moving average is $8.65. Cybin Inc. has a 1-year low of $4.81 and a 1-year high of $13.88. The firm has a market capitalization of $140.89 million, a price-to-earnings ratio of -1.50 and a beta of 0.60.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald upgraded Cybin to a “strong-buy” rating in a report on Tuesday. HC Wainwright lowered their price objective on Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Guggenheim began coverage on shares of Cybin in a research note on Thursday, March 13th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Canaccord Genuity Group decreased their target price on shares of Cybin from $86.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th.

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.