Cybin (OTCMKTS:CYBN) Given New $45.00 Price Target at Canaccord Genuity Group

Cybin (OTCMKTS:CYBN) had its target price decreased by Canaccord Genuity Group from $70.00 to $45.00 in a research report sent to investors on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Separately, HC Wainwright decreased their price objective on Cybin from $150.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, Cybin has a consensus rating of “Buy” and a consensus target price of $50.00.

Cybin Price Performance

Shares of OTCMKTS:CYBN opened at $5.85 on Thursday. The firm’s 50 day simple moving average is $6.19 and its 200 day simple moving average is $7.05. Cybin has a fifty-two week low of $4.81 and a fifty-two week high of $11.39. The company has a market capitalization of $147.35 million, a price-to-earnings ratio of -30.79 and a beta of 0.66.

Institutional Trading of Cybin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rosalind Advisors Inc. lifted its stake in Cybin by 85.0% in the third quarter. Rosalind Advisors Inc. now owns 1,500,000 shares of the company’s stock valued at $8,835,000 after acquiring an additional 689,082 shares during the last quarter. UBS Group AG raised its stake in Cybin by 69.3% in the third quarter. UBS Group AG now owns 303,740 shares of the company’s stock valued at $1,789,000 after buying an additional 124,297 shares during the period. Knott David M Jr raised its stake in Cybin by 109.7% in the third quarter. Knott David M Jr now owns 140,242 shares of the company’s stock valued at $826,000 after buying an additional 73,362 shares during the period. AdvisorShares Investments LLC boosted its stake in shares of Cybin by 31.4% during the 3rd quarter. AdvisorShares Investments LLC now owns 116,102 shares of the company’s stock worth $684,000 after acquiring an additional 27,719 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of Cybin during the 3rd quarter worth approximately $407,000. 17.94% of the stock is owned by institutional investors.

Cybin Company Profile

Cybin Inc, a clinical-stage biopharmaceutical company, focuses on developing psychedelic-based therapeutics. The company's development pipeline includes CYB003, a deuterated psilocybin analog, which is in Phase 1/2a clinical trial to treat major depressive and alcohol use disorders; CYB004, a deuterated dimethyltryptamine, which is in Phase 1 clinical trial for treating generalized anxiety disorders; and CYB005, a phenethylamine derivative, which in preclinical stage to treat neuroinflammation.