Cybin (NYSEAMERICAN:CYBN) Shares Up 1.7% – Here’s What Happened

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

Analyst Upgrades and Downgrades

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

Cybin Stock Performance

The company has a market cap of $209.61 million, a PE ratio of -2.14 and a beta of 0.64. The company has a current ratio of 8.58, a quick ratio of 8.58 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $7.15 and its two-hundred day simple moving average is $6.92.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CYBN. Cowa LLC boosted its stake in shares of 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. Osaic Holdings Inc. lifted its holdings in Cybin by 46.7% in the 2nd quarter. Osaic Holdings Inc. now owns 7,543 shares of the company’s stock valued at $63,000 after purchasing an additional 2,400 shares in the last quarter. Bank of America Corp DE raised its position in shares of Cybin by 66.8% in the second 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 last quarter. AdvisorShares Investments LLC raised 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 buying an additional 28,000 shares during the last quarter. Finally, Bollard Group LLC purchased a new position in shares of Cybin in the second quarter worth about $1,317,000. 17.94% of the stock is owned by institutional investors and hedge funds.

About Cybin

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.