Cybin (NYSEAMERICAN:CYBN) Shares Up 1.7% – Should You Buy?

Cybin Inc. (NYSEAMERICAN:CYBN) shares rose 1.7% during mid-day trading on Friday . The stock traded as high as $8.38 and last traded at $8.3210. Approximately 717,263 shares changed 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 Ratings Changes

Separately, Guggenheim lifted their price objective on shares of Cybin from $39.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $59.00.

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 firm has a 50-day simple moving average of $7.92 and a 200 day simple moving average of $6.97. The company has a market cap of $209.61 million, a price-to-earnings ratio of -2.14 and a beta of 0.64.

Institutional Trading of Cybin

Several institutional investors and hedge funds have recently bought and sold shares of CYBN. Osaic Holdings Inc. increased its stake in Cybin by 46.7% in the second 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 during the period. Cowa LLC boosted its stake 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 buying an additional 1,500 shares during the period. Bank of America Corp DE grew its holdings in shares of 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 buying an additional 11,790 shares during the last quarter. AdvisorShares Investments LLC increased its position in Cybin by 46.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 88,383 shares of the company’s stock valued at $742,000 after acquiring an additional 28,000 shares during the period. Finally, Bollard Group LLC purchased a new stake in Cybin during the 2nd quarter valued at approximately $1,317,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.