Cybin (NYSE:CYBN) Price Target Lowered to $96.00 at Canaccord Genuity Group

Cybin (NYSE:CYBN) had its price objective dropped by research analysts at Canaccord Genuity Group from $114.00 to $96.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Several other research analysts also recently weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Cybin in a research note on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Cybin in a report on Wednesday, July 31st.

Cybin Price Performance

Shares of Cybin stock traded up $0.28 during trading hours on Monday, hitting $9.46. 140,879 shares of the company’s stock traded hands, compared to its average volume of 134,456. The stock’s fifty day moving average is $0.60. The stock has a market capitalization of $3.89 billion, a PE ratio of -47.60 and a beta of 0.42. Cybin has a 12-month low of $6.50 and a 12-month high of $28.04.

Cybin (NYSE:CYBN) last released its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter. Sell-side analysts anticipate that Cybin will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cybin

Several large investors have recently added to or reduced their stakes in CYBN. Sanctuary Advisors LLC purchased a new stake in Cybin during the second quarter valued at about $36,000. AdvisorShares Investments LLC increased its position in shares of Cybin by 13.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock valued at $494,000 after purchasing an additional 220,403 shares during the last quarter. PEAK6 Investments LLC purchased a new position in shares of Cybin during the 1st quarter valued at about $95,000. AWM Investment Company Inc. bought a new position in Cybin during the first quarter valued at approximately $930,000. Finally, Rosalind Advisors Inc. grew its stake in shares of Cybin by 38.3% during the second quarter. Rosalind Advisors Inc. now owns 19,300,000 shares of the company’s stock valued at $5,230,000 after buying an additional 5,340,000 shares during the last quarter. Institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a biotechnology company. It is focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders. Cybin Inc is based in Toronto, Canada.