Cybin Inc. (NYSEAMERICAN:CYBN) Short Interest Down 37.1% in October

Cybin Inc. (NYSEAMERICAN:CYBN) saw a significant decline in short interest in October. As of October 15th, there was short interest totaling 2,200,000 shares, a decline of 37.1% from the September 30th total of 3,500,000 shares. Based on an average daily trading volume, of 567,700 shares, the short-interest ratio is currently 3.9 days. Currently, 10.2% of the shares of the company are short sold. Currently, 10.2% of the shares of the company are short sold. Based on an average daily trading volume, of 567,700 shares, the short-interest ratio is currently 3.9 days.

Institutional Investors Weigh In On Cybin

Several large investors have recently bought and sold shares of CYBN. Osaic Holdings Inc. lifted its position in shares of Cybin by 46.7% in the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after acquiring an additional 2,400 shares in the last quarter. Bank of America Corp DE lifted its holdings in Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after purchasing an additional 11,790 shares in the last quarter. Bollard Group LLC purchased a new position in Cybin in the 2nd quarter valued at $1,317,000. Cowa LLC boosted its stake in Cybin by 12.8% during the 2nd quarter. Cowa LLC now owns 13,200 shares of the company’s stock worth $111,000 after purchasing an additional 1,500 shares during the last quarter. Finally, AdvisorShares Investments LLC grew its holdings in shares of Cybin by 46.4% during the second quarter. AdvisorShares Investments LLC now owns 88,383 shares of the company’s stock worth $742,000 after buying an additional 28,000 shares in the last quarter. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

Cybin Price Performance

Shares of NYSEAMERICAN CYBN traded down $0.53 during trading on Monday, hitting $6.73. The company had a trading volume of 1,457,024 shares, compared to its average volume of 983,148. The firm has a market capitalization of $169.53 million, a price-to-earnings ratio of -1.46 and a beta of 0.66. The stock has a fifty day simple moving average of $6.36 and a two-hundred day simple moving average of $7.13. The company has a quick ratio of 9.87, a current ratio of 9.87 and a debt-to-equity ratio of 0.29. Cybin has a fifty-two week low of $4.81 and a fifty-two week high of $13.88.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group dropped their target price on Cybin from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $85.00.

Cybin Company Profile

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.