Tang Capital Management LLC Increases Stock Holdings in Cybin Inc. (NYSE:CYBN)

Tang Capital Management LLC increased its holdings in Cybin Inc. (NYSE:CYBN) by 232.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,330,097 shares of the company’s stock after acquiring an additional 930,097 shares during the quarter. Tang Capital Management LLC owned about 6.57% of Cybin worth $11,731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CYBN. AdvisorShares Investments LLC lifted its position in Cybin by 3.2% during the fourth quarter. AdvisorShares Investments LLC now owns 50,651 shares of the company’s stock valued at $447,000 after buying an additional 1,567 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Cybin during the 4th quarter valued at $46,000. Boothbay Fund Management LLC boosted its holdings in shares of Cybin by 9.2% during the 4th 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 in the last quarter. Marshall Wace LLP bought a new stake in shares of Cybin during the 4th quarter valued at $94,000. Finally, Cowa LLC bought a new stake in shares of Cybin during the 4th quarter valued at $115,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

Cybin Price Performance

CYBN opened at $6.72 on Friday. The stock has a 50-day moving average price of $6.71 and a 200-day moving average price of $8.61. The firm has a market cap of $144.33 million, a PE ratio of -1.53 and a beta of 0.60. Cybin Inc. has a 1 year low of $4.81 and a 1 year high of $13.88.

Analyst Upgrades and Downgrades

CYBN has been the topic of a number of research reports. Cantor Fitzgerald upgraded shares of Cybin to a “strong-buy” rating in a report on Tuesday, May 13th. Guggenheim initiated coverage on shares of Cybin in a report on Thursday, March 13th. They set a “buy” rating and a $35.00 target price on the stock. HC Wainwright dropped their target price on shares of Cybin from $190.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, Canaccord Genuity Group dropped their target price on shares of Cybin from $86.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th.

Cybin 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.