Guggenheim Forecasts Strong Price Appreciation for Cybin (NYSEAMERICAN:CYBN) Stock

Cybin (NYSEAMERICAN:CYBN) had its target price hoisted by analysts at Guggenheim from $39.00 to $48.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Cybin Stock Performance

Shares of CYBN stock opened at $5.95 on Wednesday. Cybin has a 12-month low of $4.81 and a 12-month high of $10.80. The business’s fifty day simple moving average is $6.16 and its 200-day simple moving average is $7.01. The company has a current ratio of 8.58, a quick ratio of 8.58 and a debt-to-equity ratio of 0.21. The company has a market cap of $149.88 million, a PE ratio of -1.53 and a beta of 0.67.

Institutional Investors Weigh In On Cybin

A number of large investors have recently modified their holdings of the business. National Bank of Canada FI increased its stake in shares of Cybin by 3,546.5% in the first quarter. National Bank of Canada FI now owns 5,251 shares of the company’s stock worth $33,000 after acquiring an additional 5,107 shares during the period. Knott David M Jr grew its position in Cybin by 10.6% during the 1st 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 period. Pale Fire Capital SE raised its stake in shares of Cybin by 85.2% during the 1st quarter. Pale Fire Capital SE now owns 112,805 shares of the company’s stock valued at $715,000 after buying an additional 51,893 shares during the last quarter. PEAK6 LLC purchased a new position in shares of Cybin during the 1st quarter valued at about $167,000. Finally, AdvisorShares Investments LLC lifted its holdings in shares of Cybin by 46.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 88,383 shares of the company’s stock valued at $742,000 after buying an additional 28,000 shares during the period. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.