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

Cybin (OTCMKTS:CYBN) had its price target reduced by stock analysts at Canaccord Genuity Group from $70.00 to $45.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

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

Cybin Stock Up 1.7%

CYBN stock traded up $0.10 during mid-day trading on Thursday, reaching $6.03. 117,601 shares of the stock traded hands, compared to its average volume of 461,696. The business has a 50-day moving average of $6.19 and a two-hundred day moving average of $7.06. Cybin has a 52 week low of $4.81 and a 52 week high of $11.39. The firm has a market capitalization of $151.88 million, a PE ratio of -31.74 and a beta of 0.66.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Mayflower Financial Advisors LLC acquired a new position in Cybin in the third quarter valued at approximately $60,000. Lewis Asset Management LLC bought a new stake in shares of Cybin during the third quarter worth $82,000. AdvisorShares Investments LLC grew its holdings in shares of Cybin by 31.4% during the third quarter. AdvisorShares Investments LLC now owns 116,102 shares of the company’s stock worth $684,000 after buying an additional 27,719 shares in the last quarter. Knott David M Jr raised its holdings in Cybin by 109.7% during the third quarter. Knott David M Jr now owns 140,242 shares of the company’s stock worth $826,000 after acquiring an additional 73,362 shares in the last quarter. Finally, UBS Group AG raised its position in Cybin by 69.3% during the third quarter. UBS Group AG now owns 303,740 shares of the company’s stock worth $1,789,000 after acquiring an additional 124,297 shares in the last quarter. 17.94% of the stock is currently owned by institutional investors.

About Cybin

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.