Cybin (NYSEAMERICAN:CYBN) Stock Price Up 4.4% – Time to Buy?

Shares of Cybin Inc. (NYSEAMERICAN:CYBN) rose 4.4% during trading on Monday . The stock traded as high as $8.74 and last traded at $8.71. Approximately 1,477,533 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 776,156 shares. The stock had previously closed at $8.34.

Wall Street Analyst Weigh In

Separately, Guggenheim increased their price target on Cybin from $39.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, Cybin presently has a consensus rating of “Buy” and a consensus target price of $89.33.

Cybin Trading Down 4.6%

The firm’s 50 day moving average is $6.57 and its 200 day moving average is $6.87. The company has a debt-to-equity ratio of 0.21, a current ratio of 8.58 and a quick ratio of 8.58. The company has a market cap of $206.05 million, a PE ratio of -2.10 and a beta of 0.67.

Institutional Investors Weigh In On Cybin

Institutional investors and hedge funds have recently made changes to their positions in the business. Bollard Group LLC purchased a new position in Cybin during the second quarter worth about $1,317,000. AdvisorShares Investments LLC boosted its position in shares of Cybin by 46.4% during 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 last quarter. Bank of America Corp DE boosted its position in shares of Cybin by 66.8% during the 2nd quarter. Bank of America Corp DE now owns 29,443 shares of the company’s stock valued at $247,000 after acquiring an additional 11,790 shares during the last quarter. Cowa LLC increased its position in shares of Cybin by 12.8% in the second quarter. Cowa LLC now owns 13,200 shares of the company’s stock worth $111,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Osaic Holdings Inc. raised 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 in the last quarter. 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.