Cybin (NYSEAMERICAN:CYBN) Trading 1.7% Higher – Should You Buy?

Cybin Inc. (NYSEAMERICAN:CYBN)’s share price traded up 1.7% on Thursday . The stock traded as high as $8.38 and last traded at $8.3210. 717,263 shares changed hands during trading, a decline of 17% from the average session volume of 865,350 shares. The stock had previously closed at $8.18.

Analyst Upgrades and Downgrades

Separately, Guggenheim lifted their price objective on Cybin from $39.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $89.33.

Cybin Price Performance

The stock’s 50-day simple moving average is $7.15 and its 200 day simple moving average is $6.92. 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 market cap of $209.61 million, a price-to-earnings ratio of -2.14 and a beta of 0.64.

Hedge Funds Weigh In On Cybin

A number of hedge funds have recently made changes to their positions in the stock. Bollard Group LLC acquired a new position in Cybin during the second quarter worth $1,317,000. AdvisorShares Investments LLC grew its stake in shares of 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 buying an additional 28,000 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Cybin by 66.8% in the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after buying an additional 11,790 shares during the period. Osaic Holdings Inc. lifted its stake in Cybin by 46.7% during the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Cowa LLC lifted its stake in Cybin by 12.8% during the 2nd quarter. Cowa LLC now owns 13,200 shares of the company’s stock worth $111,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

Cybin Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of psychedelic-based therapeutics for the treatment of mental health disorders. Founded in 2019 and headquartered in Toronto, Canada, the company is pioneering novel drug candidates designed to improve safety and efficacy over naturally occurring psychedelics. Cybin’s research emphasizes proprietary formulations and delivery methods to optimize bioavailability and patient experience.

The company’s pipeline includes multiple investigational products, such as sublingual psilocybin analogs, deuterated tryptamines, and other small-molecule derivatives.