Cybin (NYSE:CYBN) Trading Down 7.4% – Here’s What Happened

Cybin Inc. (NYSE:CYBN)’s share price dropped 7.4% during trading on Monday . The stock traded as low as $10.52 and last traded at $10.57. Approximately 119,121 shares traded hands during trading, a decline of 18% from the average daily volume of 144,439 shares. The stock had previously closed at $11.41.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CYBN. Canaccord Genuity Group decreased their price target on Cybin from $114.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cybin in a research report on Wednesday, July 31st. Finally, HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Cybin in a research report on Friday, August 23rd.

Cybin Stock Performance

The firm has a market capitalization of $4.49 billion, a P/E ratio of -54.80 and a beta of 0.41.

Cybin (NYSE:CYBN) last issued its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter. On average, equities analysts predict that Cybin Inc. will post -2.85 earnings per share for the current year.

Institutional Trading of Cybin

Hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in Cybin in the 2nd quarter valued at approximately $36,000. PEAK6 Investments LLC bought a new position in shares of Cybin in the first quarter valued at approximately $95,000. AdvisorShares Investments LLC grew its stake in Cybin by 13.4% during the second quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after acquiring an additional 220,403 shares in the last quarter. AWM Investment Company Inc. bought a new stake in Cybin during the 1st quarter worth approximately $930,000. Finally, Rosalind Advisors Inc. lifted its stake in Cybin by 38.3% in the 2nd quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock worth $5,230,000 after purchasing an additional 5,340,000 shares in the last quarter. 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.