Cybin (NYSE:CYBN) Trading Down 4.8%

Cybin Inc. (NYSE:CYBN) traded down 4.8% on Wednesday . The company traded as low as $8.42 and last traded at $8.42. 38,910 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 143,888 shares. The stock had previously closed at $8.84.

Wall Street Analyst Weigh In

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

Cybin Price Performance

The firm has a market cap of $3.63 billion, a P/E ratio of -44.08 and a beta of 0.42.

Cybin (NYSE:CYBN) last posted its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter. On average, equities analysts forecast that Cybin Inc. will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cybin

Several hedge funds have recently made changes to their positions in CYBN. PEAK6 Investments LLC bought a new stake in Cybin during the first quarter worth about $95,000. AdvisorShares Investments LLC boosted its position in shares of Cybin by 13.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,865,217 shares of the company’s stock worth $494,000 after purchasing an additional 220,403 shares in the last quarter. Rathbones Group PLC purchased a new stake in shares of Cybin in the 4th quarter worth approximately $26,000. Ikarian Capital LLC bought a new position in Cybin during the 1st quarter valued at approximately $5,770,000. Finally, Sanctuary Advisors LLC purchased a new position in Cybin during the second quarter valued at $36,000. 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 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.