Cybin (NYSE:CYBN) Trading Up 1% – Time to Buy?

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

Analyst Ratings Changes

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

Cybin Stock Up 1.0 %

The stock has a 50-day simple moving average of $10.35. The stock has a market capitalization of $182.93 million, a PE ratio of -1.37 and a beta of 0.39.

Institutional Trading of Cybin

A hedge fund recently bought a new stake in Cybin stock. Sanctuary Advisors LLC bought a new position in shares of Cybin Inc. (NYSE:CYBN) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 131,252 shares of the company’s stock, valued at approximately $36,000. 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.