Cybin (OTCMKTS:CYBN) Stock Price Up 5.5% – What’s Next?

Shares of Cybin Inc. (OTCMKTS:CYBN) rose 5.5% during trading on Thursday . The stock traded as high as $6.43 and last traded at $6.30. Approximately 1,013,751 shares changed hands during mid-day trading, an increase of 114% from the average daily volume of 473,485 shares. The stock had previously closed at $5.97.

Analyst Ratings Changes

CYBN has been the topic of several analyst reports. Guggenheim reaffirmed a “buy” rating on shares of Cybin in a report on Wednesday, December 3rd. HC Wainwright reduced their price objective on shares of Cybin from $150.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Finally, Canaccord Genuity Group dropped their target price on Cybin from $70.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $50.00.

Cybin Stock Up 6.0%

The stock’s fifty day simple moving average is $6.17 and its 200-day simple moving average is $6.96. The company has a market capitalization of $168.26 million, a PE ratio of -35.16 and a beta of 0.67.

Hedge Funds Weigh In On Cybin

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new stake in Cybin in the third quarter valued at $30,000. Mayflower Financial Advisors LLC purchased a new stake in shares of Cybin in the 3rd quarter worth about $60,000. Lewis Asset Management LLC acquired a new stake in Cybin in the 3rd quarter valued at about $82,000. Credit Agricole S A purchased a new position in Cybin during the 3rd quarter valued at about $93,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Cybin in the third quarter valued at about $196,000. 17.94% of the stock is owned by institutional investors and hedge funds.

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.