Cybin (NYSE:CYBN) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Cybin (NYSE:CYBN) was upgraded by equities researchers at Cantor Fitzgerald to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on CYBN. Guggenheim started coverage on shares of Cybin in a research note on Thursday, March 13th. They set a “buy” rating and a $35.00 price objective for the company. Canaccord Genuity Group lowered their price objective on shares of Cybin from $86.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, HC Wainwright lowered their price objective on shares of Cybin from $190.00 to $150.00 and set a “buy” rating for the company in a research note on Thursday, February 13th.

Cybin Trading Down 3.2%

NYSE:CYBN opened at $6.38 on Tuesday. Cybin has a 12 month low of $4.81 and a 12 month high of $13.88. The firm has a fifty day simple moving average of $6.73 and a 200-day simple moving average of $8.68. The company has a market capitalization of $137.02 million, a P/E ratio of -1.46 and a beta of 0.60.

Hedge Funds Weigh In On Cybin

A number of institutional investors have recently modified their holdings of CYBN. Tang Capital Management LLC raised its stake in shares of Cybin by 232.5% during the 4th quarter. Tang Capital Management LLC now owns 1,330,097 shares of the company’s stock valued at $11,731,000 after buying an additional 930,097 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Cybin during the 4th quarter valued at about $7,938,000. Acorn Capital Advisors LLC purchased a new position in shares of Cybin during the 4th quarter valued at about $6,477,000. DCF Advisers LLC purchased a new position in shares of Cybin during the 1st quarter valued at about $1,281,000. Finally, Knott David M Jr purchased a new position in shares of Cybin during the 4th quarter valued at about $533,000. Hedge funds and other institutional investors 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.