Cybin (OTCMKTS:CYBN) Trading 5.5% Higher – Should You Buy?

Cybin Inc. (OTCMKTS:CYBN) shares rose 5.5% on Thursday . The company traded as high as $6.43 and last traded at $6.30. Approximately 1,013,751 shares changed hands during trading, an increase of 114% from the average daily volume of 473,485 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Guggenheim reaffirmed a “buy” rating on shares of Cybin in a report on Wednesday, December 3rd. Canaccord Genuity Group dropped their price objective on Cybin from $70.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Finally, HC Wainwright cut their target price on Cybin from $150.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $50.00.

Cybin Stock Performance

The firm has a market cap of $158.68 million, a P/E ratio of -33.16 and a beta of 0.67. The firm’s fifty day simple moving average is $6.16 and its 200 day simple moving average is $6.96.

Institutional Trading of Cybin

Large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of Cybin during the 3rd quarter valued at approximately $30,000. Mayflower Financial Advisors LLC purchased a new stake in Cybin during the third quarter valued at $60,000. Lewis Asset Management LLC purchased a new stake in Cybin during the third quarter valued at $82,000. Credit Agricole S A bought a new position in Cybin during the third quarter valued at $93,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Cybin in the 3rd quarter worth $196,000. Institutional investors own 17.94% of the company’s stock.

Cybin Company Profile

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.