Cybin (NYSEAMERICAN:CYBN) Price Target Raised to $48.00

Cybin (NYSEAMERICAN:CYBN) had its target price hoisted by Guggenheim from $39.00 to $48.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Cybin Price Performance

Shares of NYSEAMERICAN CYBN opened at $5.99 on Wednesday. The firm has a market cap of $150.89 million, a P/E ratio of -1.54 and a beta of 0.67. Cybin has a twelve month low of $4.81 and a twelve month high of $10.80. The company has a quick ratio of 8.58, a current ratio of 8.58 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $6.16 and a 200 day moving average of $7.00.

Institutional Investors Weigh In On Cybin

Several large investors have recently bought and sold shares of the business. Bollard Group LLC purchased a new position in shares of Cybin in the 2nd quarter worth $1,317,000. Pale Fire Capital SE lifted its holdings in Cybin by 85.2% in the first quarter. Pale Fire Capital SE now owns 112,805 shares of the company’s stock valued at $715,000 after acquiring an additional 51,893 shares during the period. AdvisorShares Investments LLC lifted its holdings in Cybin by 46.4% in the second quarter. AdvisorShares Investments LLC now owns 88,383 shares of the company’s stock valued at $742,000 after acquiring an additional 28,000 shares during the period. Knott David M Jr boosted its position in Cybin by 10.6% in the first quarter. Knott David M Jr now owns 66,880 shares of the company’s stock worth $424,000 after purchasing an additional 6,434 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Cybin by 66.8% during 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 during the period. 17.94% of the stock is currently owned by institutional investors.

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.