Cybin (OTCMKTS:CYBN) Price Target Cut to $45.00 by Analysts at Canaccord Genuity Group

Cybin (OTCMKTS:CYBN) had its price target lowered by Canaccord Genuity Group from $70.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Separately, HC Wainwright dropped their target price on shares of Cybin from $150.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $50.00.

Cybin Price Performance

Shares of Cybin stock traded up $0.10 during midday trading on Thursday, reaching $6.03. The company had a trading volume of 117,601 shares, compared to its average volume of 461,696. The stock has a fifty day moving average price of $6.19 and a 200 day moving average price of $7.06. Cybin has a fifty-two week low of $4.81 and a fifty-two week high of $11.39. The firm has a market cap of $151.88 million, a PE ratio of -31.74 and a beta of 0.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in shares of Cybin in the 3rd quarter worth approximately $30,000. Mayflower Financial Advisors LLC bought a new position in Cybin in the 3rd quarter valued at $60,000. Lewis Asset Management LLC bought a new stake in shares of Cybin during the 3rd quarter worth $82,000. Credit Agricole S A purchased a new stake in Cybin during the third quarter worth about $93,000. Finally, ADAR1 Capital Management LLC bought a new stake in Cybin in the third quarter worth about $196,000. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

About Cybin

Cybin Inc, a clinical-stage biopharmaceutical company, focuses on developing psychedelic-based therapeutics. The company's development pipeline includes CYB003, a deuterated psilocybin analog, which is in Phase 1/2a clinical trial to treat major depressive and alcohol use disorders; CYB004, a deuterated dimethyltryptamine, which is in Phase 1 clinical trial for treating generalized anxiety disorders; and CYB005, a phenethylamine derivative, which in preclinical stage to treat neuroinflammation.