Cybin (NYSE:CYBN) Shares Up 1% – Here’s Why

Cybin Inc. (NYSE:CYBN) shares were up 1% during trading on Friday . The company traded as high as $9.50 and last traded at $9.15. Approximately 195,025 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 190,576 shares. The stock had previously closed at $9.06.

Analysts Set New Price Targets

CYBN has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $190.00 price target on shares of Cybin in a report on Monday, November 18th. Canaccord Genuity Group dropped their target price on shares of Cybin from $96.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, November 14th.

Cybin Stock Up 1.0 %

The company has a market cap of $182.93 million, a P/E ratio of -1.37 and a beta of 0.39. The firm has a 50-day moving average price of $10.35.

Institutional Investors Weigh In On Cybin

An institutional investor recently raised its position in Cybin stock. AdvisorShares Investments LLC grew its stake in Cybin Inc. (NYSE:CYBN) by 13.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,865,217 shares of the company’s stock after buying an additional 220,403 shares during the quarter. AdvisorShares Investments LLC owned 0.45% of Cybin worth $494,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.