Cybin (NYSEAMERICAN:CYBN) Stock Price Down 8.2% – Should You Sell?

Cybin Inc. (NYSEAMERICAN:CYBN)’s stock price was down 8.2% during trading on Tuesday . The company traded as low as $5.50 and last traded at $5.51. Approximately 993,999 shares were traded during trading, an increase of 51% from the average daily volume of 656,600 shares. The stock had previously closed at $6.00.

Cybin Stock Performance

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 stock has a fifty day moving average price of $6.17 and a two-hundred day moving average price of $7.03. The company has a market capitalization of $138.80 million, a price-to-earnings ratio of -1.42 and a beta of 0.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. grew its holdings in shares of Cybin by 46.7% during the second quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock worth $63,000 after buying an additional 2,400 shares in the last quarter. Bank of America Corp DE boosted its position in Cybin by 66.8% during the second quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock worth $247,000 after acquiring an additional 11,790 shares during the last quarter. Bollard Group LLC purchased a new position in shares of Cybin during the 2nd quarter worth $1,317,000. Cowa LLC boosted its holdings in shares of Cybin by 12.8% during the second quarter. Cowa LLC now owns 13,200 shares of the company’s stock worth $111,000 after purchasing an additional 1,500 shares during the last quarter. Finally, AdvisorShares Investments LLC grew its position 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 purchasing an additional 28,000 shares during the period. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.